View more on these topics

RICS seeks third way on insurance regulation

The Royal Institute of Chartered Surveyors is seeking an alternative to Financial Services Authority regulation of all firms arranging insurance services in the property and construction sector.

It is talking to the government about taking on the role of regulator for the thousands of chartered surveyors who provide insurance for their clients.

RICS chief executive Louis Armstrong, who attended a meeting with Treasury officials to discuss the issue last week, says: “We are in discussions with the Treasury and there are a few chinks of light. They want to fulfil the government&#39s light touch pledge on regulation, while RICS wants to avoid tying the property and construction sectors up in red tape, hurting small businesses and reducing choice and competition. These two aims should be compatible and we will continue to explore the regulatory alternatives to the current FSA approach.”

After January 2005, any firm offering insurance advice or services will be in breach of the regulations if they have not registered with the FSA, even if they are already working though a regulated insurance intermediary. The deadline date for FSA registration for this activity, July 13, is looming fast.

Armstrong adds: “RICS members must still register with the FSA if they wish to offer insurance services next year. We cannot at this stage depend on agreeing an alternative approach. But we will continue to fight hard to protect the consumer and for common sense regulation.”

RICS, which represents 85,000 chartered surveyors in the UK alone, believes the regulation is unnecessary and bad for business. It foresees that the new rules will make a mockery of the government&#39s pledge to regulate business with a light touch.

Recommended

RAMP launches light adverse tracker with SPML

Packager&#39s alliance RAMP has joined with SPML to launch a light adverse tracker mortgage available from LIBOR plus 2.25%, which offers the same LIBOR plus loading for remortgage as for purchase. The product – exclusive to RAMP members – ignores CCJs if they are for £150 or less, satisfied more than a year ago, or unsatisfied […]

Urban property buyers search for rural trappings

Green spaces, a rustic, homely environment, fresh air and a &#39village&#39 tag are the new must haves when buying a home, according to British homeowners. Urbanites keen not to trade in city living for a life in the country still want to enjoy the trappings of rural living. According to the latest biennial Cappuccino Test […]

Kensington appoints sales development manager

Kensington Mortgages has appointed Frank Bennett as sales development manager for the West Midlands and Mid Wales region. Bennett joins Kensington from Mortgages PLC where he was an area sales manager. Bennett has worked in the mortgage sector since 1977 holding various positions within the industry, including with a number of building societies and specialist lenders. 

County Group expands salesforce

Branded lender and packager County Group has expanded its salesforce with the appointment of two sales personnel. Michael Muir has been appointed as mortgage sales manager for the newly-created sales territory of the Midlands and West Country. He moves to County from his role as mortgage manager at The Property Centre in Worcester. Michael will service his clients […]