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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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Yorkshire issues its first RMBS to the tune of £750m

Yorkshire Building Society has launched into the securitisation market for the first time with a £750m residential mortgage-backed security. Brass No 1 plc is backed by prime owner-occupier mortgages originated by Accord Mortgages, the intermediary-only subsidiary of the Yorkshire. Chris Parrish, group treasurer at the Yorkshire, says the society originally planned to enter the securitisation […]


Quality should be the focus of lead buying

Lead generation was in the news recently for the wrong reasons. With the Office of Fair Trading closing 19 unlicensed lead generation websites in April, it will probably make many advisers think twice before buying leads. While these sites were shut down due to regulatory breaches it is worth looking at the wider issue of […]


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