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Regulator should admit it just wants to get rid of brokers

Reading about the regulator’s claims that brokers are using buy-to-let deals to get mortgages for self-cert clients I realised that the FSA has had an agenda for many years to wipe out the intermediary community.

This is not hidden or disguised.

The regulator is close to achieving its goal with fines, slurs and licence withdrawals despite around 80% of brokers having left the industry already.

I would respect the FSA more if it just made a statement declaring that it does not want any brokers or IFAs in the market and that clients should go to their banks for mortgages and financial advice as it’s easier for it to regulate half a dozen large banks.

Bobby

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Network purchases bode well for market

The ink is just drying on Countrywide’s cheque for the Mortgage Intelligence and Mortgage Next networks, but it seems the firm is determined to penetrate the market further. It recently announced that it is launching a high net worth brokerage with Mortgage Advice Bureau. It remains to be seen how successful this venture will be […]

The mortgage mole

Get-out clause Many words no doubt spring to the minds of brokers when describing the Financial Services Authority, but flexible is probably not one of them. So Mole was surprised to hear William Amos, head of retail enforcement at the FSA, laud the regulator’s flexibility at its Financial Crime Conference last week. After announcing the […]

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