Was it baptism by fire? Many were convinced in the early months that the whole machine was creaking to a halt. Lenders were withdrawing from the market or suspending their online systems. Brokers were unable to download Key Facts Illustrations and confidence was at rock bottom.But a year is a long time and even the most pessimistic, militant FSA haters out there must admit regulation has brought some positive changes for the industry. Bringing consumers to the fore with the Treating Customers Fairly initiative has been a step in the right direction. The launch of a website this week dedicated to educating the public and debunking some of the arcane language surrounding mortgages is undoubtedly a good thing. Yes, there are still major issues. Questions about the length and breadth of documentation, especially the Key Facts Illustration, must be addressed in the coming year as a matter of urgency. But those harking back to the gentlemanly days of the Mortgage Code Compliance Board are a dying breed. Regulation has brought with it more respectability for the broking community. You only have to look at the negative image estate agents still have – cowboys and charlatans, unbound by either ethics or a set of rules – to see the positive effect it has had on the standing of mortgage brokers. The FSA has taken time to effectively gauge the threats and risks concerning individual sectors. It has already outlined some of the concerns it has over the sale of sub-prime and equity release. It is also rumoured to be sharpening its axe for those who failed to hand in their Retail Mediation Activities Returns by the September 9 deadline. But regulation should now be all brokers’ creed. The future is bright for broking, hand in hand with the FSA. Here’s to a good second year.
- Top trends
Local government minister Phil Woolas today spelled out government action to tackle affordable housing issues in Cumbria.The forthcoming joint structure plan for Cumbria and the Lake District proposes a new policy requiring 50% of homes built outside the National Park to be affordable, and 100% of homes built inside the Park to be secured for […]
The Woolwich is launching a lifetime tracker range which includes a offset deal at 0.59% above base rate (currently 5.09%) on November 2. Alongside the offset deal it will also provide all new fixed rate mortgages with a built-in lifetime tracker to give borrowers a guarantee for life after their fixed rate period ends.Andy Gray, […]
Salans says moves proposed in a government white paper will not mean cowboys are free to buy and run law firms, despite industry concerns. The plans were published last week and propose that external companies would be able to take 100% ownership of law firms, meaning they could be floated on the stock market. The […]
The Yorkshire is the first company in the UK to pay for a guide dog puppy through its first year of life from the donation of mobile phones. Over 1,500 old phones have been begged from the Societys staff and customers to achieve this fantastic result.The campaign to buy a guide dog from old mobile […]
‘Work like a dog day’ recognises the hardest-working people. On this day, employers show their appreciation for all of their employees who carry the heaviest workloads.
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