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Approved persons proposal is a clear case of FSA overkill

The Association of Mortgage Intermediaries’ recent warning that the regulator is adopting a retrospective authorisation process for approved persons and this could result in brokers not gaining authorisation for minor credit blips shows once again that the FSA likes to use a sledgehammer to crack a nut.

Little of what it does is proportional to the risk involved, nor does it make any realistic consideration of cost. A full-blown approval process is not needed to keep track of advisers – a simple list would do the trick.

An addendum to the FSA’s register could list advisers’ details, qualifications and where they work. If they move, firms would be responsible for notifying the FSA, subject to being fined if they don’t.

The cost in both time and money for firms to go through a full authorisation process as a controlling function for mortgage and general insurance sales is a clear case of overkill.

Why doesn’t the regulator at least try this method first? If it is not successful then the full regime could be introduced later – by which time the FSA will hopefully have been replaced.



Moving sentiments for a creative sector

Erstwhile poet laureate Andrew Motion has written an ode to moving house for the June edition of Completely London, the magazine of estate agent Kinleigh Folkard & Hayward. This is probably a natural development for a sector whose poetic licence with property descriptions brought about a change in the law on house selling, and the […]

Lender pays to shed borrowers

Paying borrowers to take their mortgage business elsewhere – that’s the latest bizarre development in what has become the crazy world of Irish banking. A decade ago Bank of Scotland (Ireland) shook up the cosy cartel operated by native banks. It offered customers dramatically cheaper rates including low-cost tracker mortgages, setting off a reckless battle […]

Understanding arrears is vital

Information is key to formulating strategies to get a grip on repossessions for lenders and policy-makers alike, says Neil Warman, chief commercial and finance officer at HML, sponsor of Lending Strategy’s round table

Three catalysts for European equities

By Rob Burnett, Manager of the Neptune European Opportunities Fund In recent weeks, the bear case for European equities has become more pronounced on the back of weaker-than-expected GDP data and deflation concerns. This softening in economic momentum has led some investors to question whether the ECB is behind the curve and indeed whether it […]


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