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RICS says no to regulation

The Royal Institute of Chartered Surveryors says it is vehemently opposed to plans to regulate the general insurance market and wants the FSA&#39s tanks off its lawn.

It says that further regulation of general insurance activity within property and construction would be, unnecessary, bad for business, expensive, anti-competitive and counter productive

In a letter to chancellor Gordon Brown, leading quantity surveryor Frank Gainsbury explains how such a move would adversely affect the construction industry.

The proposals to impose FSA Regulations across the entire insurance market, he claims, are a knee-jerk reaction demanding a &#39one size fits all&#39 solution in areas of the market where regulation is inappropriate or simply not needed.

Gainsbury says: “Construction related insurance is a complex, specialised subject requiring a full understanding of how the construction industry works and a detailed knowledge of the various standard forms of contract.

“Advice in this area is best provided by those who work on a day-to-day business with the organisations involved and who have the appropriate knowledge and training.

“Chartered surveyors and other professionals working within the construction industry will be faced with the prohibitive cost and additional time required to comply with the proposed FSA regulations.

“Such advisers will either simply opt out of providing such professional advice or alternatively pass the additional cost on to clients in the form of extra fees. The whole issue as it affects the construction industry is counter-productive.

“The very people the regulations are designed to protect will be denied the opportunity to obtain the best possible advice from those in a position to provide it or will have to pay more fees for the advice they get.”


Threesixty panel access via Trigold

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M2000 makes HomeLoan its network

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Credit card debt hits record high, Datamonitor report reveals

Credit card debt has hit a record high, a report from Datamonitor reveals. The report shows that average credit card balances outstanding per adult in the UK rose by 59%, from £719 in 1999 to £1,140 in 2003. Datamonitor argues that any sudden increases in the base rate of interest will put pressure on mortgage […]

BDS gets positive feedback from roadshows

BDS Mortgage Group has reported positive feedback from its recent roadshows, with 58% of delegates indicating their intention to go for direct authorisation. BDS has also announced the four winners of its competition to win tickets to watch the Euro 2004 England vs Croatia at a football evening to be held at Southampton Football Club. […]

Bridging is no longer a dirty word

It’s not that long ago that short-term finance, or, perhaps more specifically, bridging finance were viewed as dirty words by mortgage brokers. The rates on offer were punishing, meaning there were only a handful of situations where it would be appropriate to arrange one. Some lenders didn’t exactly uphold great reputations for service standards either; […]


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