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‘Acknowledge role in failure of firms,’ Gummer tells regulator

The FCA should take greater responsibility for regulated firms which fail, says IFA trade body chairman John Gummer.

Speaking at the Apfa annual dinner in London last week, Gummer said the FCA should “recognise its own responsibilities” in approving firms, and should bear the cost when things go wrong.

He said: “A regulator has a real responsibility for having said this company is accredited.

“One of the problems in the past has been that accredited firms – sometimes accredited against all the advice of the industry – collapse, and the industry has to pay the cost.

“That is the unfairness which most affects our members.”

Gummer also said the FCA and professional bodies need to focus more on “gatekeeping” and approving only the right people.



The Mortgage Mole

Malone ranger The mortgage industry bade farewell to PMS chairman John Malone last week who after over 50 years in the industry is finally retiring at the end of this month. A lunch was held on Wednesday at Malone’s favourite haunt Langan’s Brasserie in Mayfair, and was the fourth of five retirement extravaganzas being held […]


Caption Winner

Click here for this week’s Caption Competition

Paragon BTL business surges 90.5%

Paragon Mortgages completed £359.8m of buy-to-let business in the 12 months to the end of September, 90.5 per cent more than the £188.9m completed the year before. Announcing its year-end results last week, the specialist lender’s parent company, Paragon Group of Companies, also said it is making “good progress” in its application to gain a […]


Lucky No.13

Few in the mortgage industry would have guessed that 2013 would end on such a positive note and even the most superstitious adviser can find reasons to be cheerful and express hope for a prosperous 2014


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