View more on these topics

I have a clear conscience, unlike the axis of evil

As exciting and informative the news and features sections of magazines are, letters pages are my favourite part of most publications.

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.

Name & Address supplied

Recommended

Regulatory reform shouldn’t drive us to drink

Last week saw the Conservative Party publishing Sir James Sassoon’s interim review of the current Tripartite system of City regulation which was introduced by good old Gordon Brown back in 1997.Shadow chancellor George Osborne pointed out it has “failed to protect Britain’s economy from over-indebtedness, a banking crisis, and ultimately recession”.Now this Wednesday we will […]

Unemployment passes two million mark

Data released today by the Office for National Statistics shows unemployment passed the two million mark over the three months to January.

Five ways to invest in the connected world

Smart utility metering; fitness trackers; connected cars; smart factories; precision agriculture: the internet of things encompasses myriad applications. But how do you gain exposure – and profit – from this growing trend, asks Neptune fund manager & CTO Ali Unwin. Read more: Important information Investment risks Neptune funds may have a high historic volatility rating […]