View more on these topics

FSA urges brokers to get on the web

The FSA has criticised brokers who lack the online facilities needed to submit compulsory business reports, come regulation.

The Mortgage Code Compliance Board advisory group met last week to discuss the FSA&#39s rules on company reporting requirements. Under the guidelines brokers will have to submit business reports to the FSA, with benefits for online information transfers.

But one advisory group member tells Mortgage Strategy that lender research suggests as many as one in four brokers do not have online facilities. He says: “These rules will not allow brokers to submit reports in writing or by post so this could mean extra costs for thousands of intermediaries who are not online. With 7,000 sole traders in the UK, many will be affected.”

But FSA spokesperson Kate Bristowe says: “It&#39s difficult to imagine in this day and age that brokers can manage without online technology. Intermediaries have over a year to get hooked up to the internet, which we would urge them to do.”

Roy New, sole broker, says: “I&#39m shocked at these figures. Brokers just can&#39t exist without being online. If they&#39re not, they can&#39t be doing their job properly or are sourcing products inadequately. These brokers may even be ringing up packagers to source products.”

Recommended

Amber targets light adverse customers

Amber Homeloans is launching a product aimed at borrowers at the light end of the adverse credit scale. Amber&#39s Feather adverse mortgage is available with a full status option at a rate of only 3.60% and also has a self-cert option at 4.10%. The full status mortgages are suitable for borrowers who intend to provide […]

FSA announces management restructure

FSA chief executive John Tiner has announced a management restructure at the organisation designed to facilitate the shifting emphasis from policy development to policy implementation. The restructure, which will be introduced from April 2004, will have three business units, each headed by a managing director and sector leaders who will have specific responsibilities for industry […]

Charity event raises record £65,000

A record-breaking £65,000 has been raised for Cancer Research UK following the 2003 Broomstick Ball. Arranged by Deirdre McManus, London manager of secured lending at Bristol & West, some 390 industry professionals gathered at the London Marriott Hotel last Wednesday for a glitzy auction evening. Channel 5 TV presenter Jonny Gould acted as master of […]

Equity withdrawal fuels home improvement spending

A record level of mortgage equity withdrawal is fuelling increased spending on home improvements, research by FPDSavills reveals. Figures show that the average household is spending around £6,400 per annum modernising and repairing their home. This equates to a spend of over £300,000 over the 50 years of owning a property &#45 double the average […]

Newsletter

News and expert analysis straight to your inbox

Sign up