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Brokers will pay the price of misguided bid for perfection

I was interested to read a recent article on Mortgage Strategy Online revealing that the Financial Services Authority is upping its annual funding by almost 10% while brokers will have to cough up a minimum of £1,000 to be regulated.

As there is a diminishing number of brokers to fine the FSA clearly thinks it reasonable to raise the required funds from the remainder
So it may cost us more but we can all sleep safer at night knowing there is a far higher quality of supervision in place. If only.

Time and again the FSA demonstrates just how detached from reality it is. I guess this is not surprising because in the regulator’s world it can do no wrong while being handsomely rewarded.

I won’t dwell on the fact that it allowed so many problems in the market to manifest themselves in the first instance, but this has been exacerbated by what seems to be an embarrassed urge to rectify supervisory errors by overreacting and attempting to create a sort of perfect financial services world.

This pursuit of perfection is based on misguided quantitative theory and accords little or no respect to practitioners’ comments or proposals.
And yes, the argument is beginning to build that the FSA has a hidden agenda regarding the elimination of mortgage advisers in an almost genocidal fashion.

Of course, this strategy is particularly aimed at directly authorised firms and I find it most worrying.



Keith Carby joins Metro Bank

Former Openwork chief executive Keith Carby has been appointed as a non-executive director of Metro Bank.

Banned firm should have protected itself against fraudsters

I was interested to read the story on Mortgage Strategy Online last week about the FSA banning Walthamstow mortgage broker Kevin Byrne for lacking the integrity and competence to prevent his business, Forest Financial, being targeted by mortgage fraudsters. I know the easy answer is to blame the FSA here and rant on about how […]

The mortgage mole


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It’s important employers remember this like an alarm going off in their head. Employees care about their health. And they’re calling on employers to provide them with health benefits. In a survey we conducted, we asked 1,005 UK SME employees to choose the top three employee benefits they would value most:  48% of employees voted […]


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