So I would like to applaud the anonymous writer who has escaped the industry and who cited his main reason for exiting as the wretched regulator governing the industry (Mortgage Strategy March 2).
This should be a great industry to work in. The job satisfaction of, for example, helping a couple get their first home and not overcommitting them is enormous.
At least I have a clear conscience about my part in the industry.
Despite the oft-heard opinion that we act for customers only and are not underwriters, I have always felt that it is in my clients’ best interests for me to put my underwriting hat on when submitting their mortgage applications.
It does no-one any good to put forward mortgage applications that will fail at a later stage and no proc fee could compensate me for the disappointment I would feel if a client of mine was subsequently repossessed.
Why has the Financial Services Authority not conducted an investigation into the Royal Bank of Scotland and stripped Sir Fred Goodwin of most of his pension?
If my directors had shown similar lack of control of their business they would have been fined tens of thousands of pounds. Such a punishment for Sir Fred and others of his ilk would be entirely proportionate.
But despite the protests of politicians, they form an axis of evil along with the FSA, top bankers. It’s a cosy little club.
I have little hope for this industry.
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