FSA should support the brokers hit by network's collapse

1 February 2010

The article entitled ’FSA reveals it shut Mortgage Times because of £1m capital shortfall’ on Mortgage Strategy Online on January 25 got me thinking.

Am I the only one who believes the regulator should be supporting the brokers affected by the collapse of the Mortgage Times network with a compensation scheme?

This would be similar in nature to the way consumers are protected with the Financial Services Compensation Scheme.

If the regulator realised its action would involve many brokers losing their permission to trade it should take responsibility for the consequences.

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