View more on these topics

Compliance is a safe bet for any job-seekers

In a speech last week Hector Sants, chief executive of the Financial Services Authority, said the regulator would move away from principles-based regulation and focus on a more intrusive and direct style of regulation.

This may raise eyebrows in the broking community which seems to have taken the brunt of the regulator’s focus in recent years when in fact it should have been focussing on the bigger picture.

It is a little ironic that the FSA should launch a broadside at the industry by warning that principles-based regulation will become a thing of the past and draconian scrutiny will become the order of the day.

I am sure it has nothing to do with the FSA getting caught with its trousers down regarding the regulation of banks and the collateralised debt obligations that were seemingly allowed to proliferate unchecked.

The intermediary sector has been the subject of intense scrutiny in recent years as the FSA

believed this was the area that posed the most risk of consumer detriment. How wrong can you be?

I doubt even the most rogue of brokers would scratch the surface of the havoc wreaked by banks in recent months.

But as we all know it is not the FSA that will pay the price for this oversight, it will be us as the overbearing plethora of rules- based regulation that will inevitably follow will sweep up the broker community and in its wake create a boom time for compliance again.

The message is clear – if you find yourself out of a job and need to retrain, compliance is a pretty safe bet for years to come.


Light breakfast

Meanwhile on the other side of town at the Butchers Hook and Cleaver in Farringdon, Mortgage Strategy hackette Natalie Holt was enjoying her own pint of Guinness at 11am at the Key Retirement Solutions breakfast briefing. A rather lightweight Natalie tippled back into the office at around midday wearing her Guinness hat and boasting about […]

MAB set to take on Coreco as AR

Coreco Group, the new venture launched by Andrew Montlake and a crack team from recently defunct London-brokerage Cobalt Capital, will be an appointed representative of the Mortgage Advice Bureau.The ex-Cobalt staffers on board include Montlake, Matthew Lowndes, Francois Taljaard, Rob Henderson, Roy Hardy and Rob Gill.In addition to the core mortgage proposition, the wider Coreco […]

New FSA focus will help smaller firms

At last, the Financial Services Authority has announced that it is to move away from a principles-based regulation towards a more outcomes-based regime.


News and expert analysis straight to your inbox

Sign up