Regulators must keep an open mind

It&#39s been barely two weeks since the publication of CP146 The FSA&#39s approach to regulating mortgage sales and already the knives are out for Howard Davies and his mob.

Nothing intoxicates some people like a sip of authority and it seems that the FSA has had plenty of it. Chief regulator Davies is reported to have made a recent comment that, according to the Independent “severely undermines the FSA&#39s impartiality” in considering responses to consultation papers.

Sounding more like something from the diary of The Mortgage Mole than someone from the City regulator Davies allegedly said he was “trying to get all the IFAs into a barrel and shoot them one by one”.

Davies is away on holiday until September and so not around to comment but the Independent later printed a retraction. Whether the remark was totally misinterpreted, off-the-cuff or indeed possibly never made at all, IFAs and mortgage intermediaries are right to be wary.

Regulation by the FSA is a daunting prospect and one that could leave you falling by the wayside unless you take action now. The road to failure is greased with indifference which means that there&#39s no excuse to sit back and do nothing. Read and respond to CP146.

To get you up to speed on all the main issues surrounding the future of mortgage regulation simply visit and click on our special Mortgage Regulation buttons. As well as a complete guide to the new regulations from the Treasury you will also find a comprehensive review of CP146 itself as well as a breakdown of the 35 questions that the FSA want answered. There&#39s also a link straight through to the relevant page of the FSA website to download your copy of CP146 and details about how to respond and who to send your responses to. You can also request a hard copy of the document by contacting the FSA direct.

It&#39s a well-known fact that the older a man gets, the faster he could run as a boy. It&#39s a saying that could almost be applied to the mortgage market. The days of self-regulation are over and looking back through rose-tinted glasses will not help anyone.

Don&#39t be a carbon copy – make your own impressions. Tell Mortgage Strategy and the FSA what you think and make your voice heard. Email your views to and and tell us what you think.