FSA is right when it says underwriters have no experience

The FSA finally got something right last week when it criticised lenders’ underwriters for being overstretched and underqualified.

As a broker who has worked at a major bank and as an underwriter, I know many underwriters and all they say confirms they have little experience. They are just taught to complete a checklist.

This is why we need strong brokers who can underwrite themselves.

Brokers seem to be guilty until proven innocent in the eyes of lenders and the FSA.

Gary Ould