From Brian Lentz
I am writing to urge brokers and IFAs to express their views on forthcoming regulation of mortgages and other financial services to the House of Lords. The Lord's Constitutional Committee is currently reviewing the constitutional implications of all proposed legislation, as well as that which underpins government bodies such as the FSA.
The consultation provides an opportunity to convince decision-makers that the FSA's proposals, particularly regulation of the mortgage industry, are akin to cracking a nut with a sledgehammer.
The House of Lords is quite happy to hear responses to these questions and anybody who feels they have something to input regarding the regulatory situation in this country should do so.
I strongly suggest that advisers and introducers make a response to the Lords Committee before its March 31 deadline to explain the things they see as being wrong with regulation. It is time for those opposed to the current proposals must speak out while they still can.
To help people submit their responses, the House of Lords has published the questions as a guide. People who write in with their thoughts are not restricted to these questions but I think they are a useful starting point. Regulation has led to a great decrease in the availability of financial services advice in the last ten years and this point should be stressed to the Lords.
The House of Lords committee is investigating the following areas, and opinions have been invited:
1. What are the legal bases for regulators; what are the nature of their powers. How could their powers be revoked?
2. How is the continuing need for regulators measured; how is their role changed or ended?
3. Who are the members of regulatory bodies; how are they appointed?
4. What are regulators set up to achieve; to what extent do regulators achieve their purposes without adverse consequences; how is their effectiveness assessed?
5. To what extent are regulators both prosecutors and juries on an issue; what rights of appeal are there?
6. How are regulators held to account by Parliament?
7. How are regulators accountable to those whom they regulate; what is the impact of regulation on the economy?
8. How are regulators accountable to the public other than through Parliament?
9. How effective is public consultation by regulators?
10. To what extent do the needs or concerns of the public guide the work of regulators?
11. How independent are regulators of government?
Portfolio Insurance Consultancy and Mortgage Brokers