Almost a quarter of brokers rate getting Key Facts Illustration as the bane of their lives. Record keeping and regulatory reporting, both voted for by 22% of brokers who responded to AMI’s September census, were identified as the most difficult aspects of regulation. Obtaining KFIs from sourcing systems and increased training and competence requirements also rated high in terms of broker bugbears.The biggest swing though seems to be in the attitude of brokers towards regulation. Polls carried out earlier in the year showed the majority of intermediaries welcoming mortgage regulation as a way of increasing standards. What a difference a year makes. Perhaps taking their cue from the likes of the Intermediary Mortgage Lenders Association, for whom the party line is that regulation has been a sledgehammer to crack a nut, almost half of intermediaries now believe regulation has made no difference to the quality of advice provided to consumers. A coordinated approach to help brokers produce KFIs more easily for customers should now be a top priority. Equally, enabling firms to communicate with the Financial Services Authority must be made easier. Many have been confused by information requirements in their first Retail Mediation Activities Return and AMI has called on the FSA to take steps to address this problem. But it’s just as important that brokers take a long look in the mirror and note their own deficiencies. It’s vital that brokers realise comprehensive record keeping is in their own interests. Not only is it a regulatory requirement but firms expose themselves to complaints if they cannot clearly provide evidence of the suitability of advice given to clients months and even years after the event.
The policy aimed at making the Financial Services Authority’s enforcement process more transparent and fair takes effect today. The new policy reflects those recommendations of the FSA’s Enforcement Process Review, published this summer, which required changes to the FSA Handbook. The majority of recommendations did not need to be consulted on and the FSA implemented […]
em- is taking its roadshow to Newcastle upon Tyne and Leeds. The Gateshead Hilton Hotel in Newcastle will play host to the event on October 25, before it moves to Leeds SAS Radisson Hotel on October 26.Roger Morris, managing director at em-, says: “These events always prove to be popular with our broker community. It […]
A three-page form to help pensioners claiming help with Council Tax has been launched by James Plaskitt, minister for benefits, today. Plaskitt says the new form is part of the government’s commitment to making sure that extra money gets to the people who need it most. Speaking at the IRRV conference in Manchester, Mr Plaskitt […]
It was a mixed week for swap rates. Initially they fell significantly but then edged back up. One-year money is down 0.04% at 4.50% Two-year money is down 0.01% at 4.48% Three-year money is up 0.01% at 4.53% Five-year money is up 0.01% at 4.57% Last week was a busy one for rate changes, though […]
As the auto-enrolment revolution is rolled out to companies with between 50 and 249 people, employers will be grappling with the new rules and requirements. Even though introducing the new regime can be time consuming, many employers are regarding it as an opportunity to review their benefits packages, with employee health and wellbeing regarded as a popular addition.
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