View more on these topics

FSA denies secret code plot

The Financial Services Authority has denied it is trying to use trade bodies’ guidance to cover up regulatory gaps after concerns were raised by the Association of Mortgage Intermediaries.

The FSA’s latest discussion paper on industry guidance addresses the role of codes of practice generated by trade associations to help their members, and suggests these should be made free of charge.

But Chris Cummings, director- general of AMI, says: “Although we see the FSA’s shift from detailed rules to principles as a positive step, we have made public some of the concerns we have about industry guidance being used to plug regulatory gaps and have identified a further issue which makes us uneasy.

“In its latest discussion paper, the FSA is proposing that trade bodies should make approved guidance available free of charge. We are fundamentally opposed to this.”

He adds: “Why should firms that are members of trade bodies and involved in drawing up guidance subsidise those that are not? We are also concerned about the status of guidance produced by trade bodies which has not been approved by the regulator.”

A spokesman for the FSA says he welcomes AMI’s views but adds: “The FSA is not trying to outsource regulation and there is no compulsion on trade bodies to generate their own codes of practice. Codes of practice are not a substitute for rules.”

Cummings adds: “We support the FSA’s intention that it wishes to work more closely with the industry to find solutions to market failures. It is in the interests of mortgage intermediaries to have a trade body that brings members together.”


NHER offers training for energy assessors

With the June 2007 deadline for the introduction of Home Information Packs fast approaching, National Home Energy Rating has launched a training scheme for Energy Performance Certificate assessors. NHER’s domestic energy assessor programme includes eight days of intensive training on construction, thermal physics and energy efficiency. Austin Baggett, head of the NHER scheme, says: “Recently […]

Advantage launches Rapidremo

Advantage, a Morgan Stanley Group company, has launched Rapidremo, a legal service that speeds up the offer to completion stage. Exclusively available on all ADV sub-prime freehold remortgages in England and Wales, the Rapidremo option could allow completions within 48 hours.The key to exciting legal service, which includes free legals when Advantages panel solicitor is […]

Rate rise won’t dampen housing market, says Sequence

Sequence estate agency says the interest rate rise will not dampen activity in the housing market. David Plumtree, operations director of Sequence, which has over 300 estate agency branches throughout the country, says: “In historic terms interest rates are very low and we see this latest rise as a precaution as house prices have increased […]

Guide cover resized

Guide: Johnson Fleming’s managed auto-enrolment service for SMEs

Johnson Fleming has launched its new managed auto-enrolment service, designed to support SME businesses of up to 250 employees. The managed auto-enrolment service is not just about providing businesses with a software system for them to manage themselves, but more about outsourcing the administration of the project and scheme to Johnson Fleming’s auto-enrolment staff.


News and expert analysis straight to your inbox

Sign up