Lenders should be left alone to mind their own business
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The FSA is telling lenders how they should and should not work. This is wrong - after all, it was banks that lost money due to irresponsible lending.
One has to assume they will be more cautious in future if they feel there is a market for self-cert or fast-track, and they should have the final say on this.
Banks have been around a long time - how long has the FSA been operating in the lending sector?
The regulator’s role should be to provide guidelines rather than be a dictator, or the double-dip recession everyone is talking about will come to pass, this time caused by the FSA.
A lot of companies have left the industry because of the regulator so when it fines firms why should all the money should go back to it?
Also, if it’s classed as a public sector organisation why do its staff get paid so much? To be a compliance officer at the FSA you don’t have to spend seven years studying like a doctor. No, you just have to be a failed broker and get paid the same as a doctor.
My business partner knows about 10 personnel at the regulator and even they think most of its ideas are ridiculous and are killing the market.
I was forced to leave the industry after 18 years but making the move has done me a favour as I now own an estate agency and am developing a franchise. Let’s hope the FSA never gets involved with estate agency work. Meanwhile, good luck to you all.
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