View more on these topics

FSA considers scheme

The FSA is considering several ways of implementing the appointed representative regime to mortgage advice, despite fears it could restrict consumer choice in the market place.

Under the new regime, brokers will have to choose between direct FSA authorisation and appointed representative status, where an authorised firm will take responsibility for compliance.

CP146 indicates there may be several options. Appointed reps may be limited to a single principal for all regulated products they sell. Another option would allow different principals for mortgages, investments and general insurance. Or firms could have several principals for the same product type – allowing access to more than one lender. But firms may have to meet several conditions before becoming a principal.

Recommended

Mortgages PLC restructures and expands sales and marketing team

Mortgages PLC has completed the restructure and expansion of its sales and marketing team. Two senior sales appointments have been announced, with Mark Harrison and Bryn Hancock being appointed to the newly created positions of regional managers for the North and South of the UK respectively. Harrison was previously with Bank of Ireland, where he […]

SPML introduces proactive fax notices for packagers

Southern Pacific Mortgage Limited (SPML) has enhanced its service to packagers by introducing an automatic fax notification every time a condition stipulated on a mortgage offer has been satisfied. This &#39real-time&#39 fax notification is triggered by the data being entered on SPML&#39s own computerised case tracking system, and it is already being viewed as a […]

I&#39ll have it filtered, please

From Monty BurnEndeavouring to clarify the role of an introducer, the FSA helpline referred me to a HMT mortgage document. HMT states clearly that introducers will be excluded in the activity of &#39arranging&#39. HMT are saying that introducers are not to be regulated yet the FSA appear to be casting doubt on who can conduct […]

Future Mortgages urges Mortgage Industry to review use of MIG

Future Mortgages is calling for the mortgage industry to review the use and application of Mortgage Indemnity Guarantees. MIG, High Lending Fees or Mortgage Indemnity Payments (MIP), provide lenders with an insurance if the customer defaults on the loan, but unlike other insurance policies the customer paying does not receive any additional benefit. Brian Pitt, […]

Newsletter

News and expert analysis straight to your inbox

Sign up