The Association of Mortgage Intermediaries has produced an intermediaryfocussed guide to FSA regulation.
The 230-page guide, priced at £55, offers a practical and easy-to-read commentary on the new regime, giving a detailed explanation of the rules, the reasoning behind them and how they impact on the day-to-day business of mortgage advice.
AMI and AIFA members qualify for a 10% discount.
Almost 5,000 intermediaries have submitted applications for direct authorisation since January.
Whilst those who do not intend to apply for directly authorisation are expected to seek appointed representative status in the coming months, all intermediaries offering mortgage advice will be subject to the FSA's MCOB rulebook.
Those who do not understand their obligations will be in breach of the FSA rules and committing a criminal offence if they continue to offer advice after October 31.
More than a dozen compliance, legal services, and financial services industry experts have contributed to the publication, A Practical Guide to the FSA's Regulation of Mortgages, which can be obtained via the AMI website or from Mortgage Strategy Online at www.mortgagestrategy.co.uk.
Robyn Hall, editor of Mortgage Strategy, the only trade publication to get a mention in the guide, says: “Mortgage intermediaries face a challenging year. Life will be different in the regulated environment, with no room allowed for misunderstandings. This guide has been produced by practitioners for practitioners and will be of tremendous benefit to all who have it.”
Luke March, chief executive of the Mortgage Code Compliance Board, adds: “Given the vast experience of the contributors to the guide and its practical focus, I think it will be a useful tool for those working in the industry.”