FSA’s actions are an emotive subject

JOANNE SMITH, CHIEF EXECUTIVE AND CREATIVE OFFICER, THE CONSULTING CONSORTIUM
JOANNE SMITH, CHIEF EXECUTIVE AND CREATIVE OFFICER, THE CONSULTING CONSORTIUM

It’s clear that on announcing his departure from the Financial Services Authority, chief executive officer Hector Sants created a stir in the press.

Now clearly the FSA and Sants have had to deal with their fair share of turmoil over the past couple of years. Indeed there have even been accusations that it is the regulator that should be made accountable for a proportion of these problems.

After reading comments on various websites, it is evident that some voices in the intermediary community don’t hold Sants in the highest esteem.

I’m not sure if these are personal indictments or simply a backlash against the FSA, but its actions continue to be an emotive subject among brokers.

I imagine that while most of these concerns involve ongoing issues there still appears to be a good deal of pent-up frustration from the fallout surrounding the Mortgage Market Review.

What is clear from the MMR is that the FSA believes it is the market rather than itself that has failed, the result of which is that regulation will remain a huge issue in 2010.

Of course with a general election on the horizon there are question marks over the future of the regulator and these may cast a further shadow over the outcome of the MMR.

But it is important that the FSA and the industry work together to ensure lenders and any unfortunate potential borrowers are not alienated from the market.