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It’s time to ask if the FSA provides value for money

Name and address supplied

I have just spent £400 for my accountant to prepare the figures for the half-yearly RMAR for the Financial Services Authority. Once he had compiled the figures I spent a day preparing the rest of the information.

I accept the FSA requires certain information but insisting that small firms supply this information twice a year is totally unnecessary.

As it will see from the information supplied, most one-man firms have a turnover of less than £50,000 and when regulatory costs together with indemnity insurance and additional accountancy fees start to approach 10% of turnover you have to ask if it is financially viable to stay in the industry.

I don’t think any other regulated industry has ever been as compliant and cooperative as the mortgage industry, but the FSA is stretching this goodwill thin by continually increasing the costs and administrative burdens it heaps upon us.

Like its boss Gordon Brown, it keeps talking about better and lighter touch regulation yet we at the sharp end don’t see this. It’s about time an independent body looked into the spiralling cost of mortgage regulation and reported back as to whether or not the cost provides proportionate benefits.

Name and address supplied


An advisory service for advisers

Apologies to anyone who might think this is an advert. It definitely is not, but I have been asked by Mortgage Strategy’s illustrious editor (I think that’s how he describes himself) to give an update on Lifetime Advisory Services. I have also been asked to explain why the proposition is services-only rather than offering full […]

Proposal could see number of IVAs soar

The number of individual voluntary agreements is set to soar next year under government plans to introduce Simple IVAs. IVAs are seen as an alternative to bankruptcy whereby debtors agree to pay a proportion of their debts to creditors. Typically, this is at least 25%, with an agreed payment every month. But banks have just […]

Halifax hikes SVR

Halifax has raised its standard variable rate from 6.50% to 6.75%, following the recent rise in the base rate.

Has the base rate rise made you more cautious about buying?

Last week the Bank of England’s Monetary Policy Committee increased the base rate to 4.75%, having held it at 4.5% for 11 months in a row. This move will have an effect on businesses and borrowers and could also have an impact on consumer confidence in the property market.

So, this week Mortgage Strategy asks…


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