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Punishing broker for not paying fees was the right thing to do

In the wake of the story last week in which the regulator cancelled the permission of Select Mortgage Services (Bracknell) for failing to pay £1,675 in unpaid fees, there was considerable criticism from brokers about the FSA’s actions.

Why is anyone defending these people? Fair enough, they walked away from the industry, but they had responsibilities to do this in a professional manner. If we all just wandered away from something we no longer liked or wanted to be involved in, things would be a mess.

The FSA was right to do it. No matter what body is regulating the industry it will not be liked but regulation is a fact of life. Acting unprofessionally because you don’t like the regulator in charge is shameful.

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