MIp8-9_0210:MI 12 Jan 21/01/2010 17:12 Page 2
8| Questions from Hell
Questions
from
hell
This month’s Questions from Hell tackles
all your mortgage and GI regulatory
queries courtesy of Bill Warren
A
s we move very rapidly into Authority (FSA). It is thought by many that intervene at a very early stage should there
2010 the need to fight for the FSA will evolve into a much more appear to be the possibility of consumer
survival naturally remains consumer-orientated organisation with detriment within a product or service. The
key for most financial serv- stronger powers to ensure that consumers are recent appointment of a senior consumer
ices businesses and those much ‘better’ protected than is currently the adviser at the FSA adds weight to this
who work for them. The case. Sounds rather like building on TCF, position. The proposed amendment to the
question, as always at this some would say, considered to be one of the Financial Services Bill would take the FSA
time of year, is what will this New Year mean FSA’s least successful initiatives. Well, we shall potentially into the area of making
for me? There is little doubt that 2010 will be see. commercial decisions on behalf of providers
a critical year for the financial services indus- so needs to be considered very carefully by
try as it will be for entire population of the Uncertainties and certainties Parliament, one hopes, before it becomes law.
UK. Away from the uncertainties of politics to the The other big challenge for many firms in
For the UK population as a whole there is a slightly more certain world of financial 2010 will be the end result and
General Election to be faced, the big services regulation. The Financial Services Bill implementation of the FSA’s recent Mortgage
questions being who do you trust amongst is reaching its final committee stage with Market Review. The deadline for feedback to
the political parties and their leaders? One of some strong amendments to the Bill being the FSA on the contents has just gone and I
the ‘election promises’ that has caught the considered. One such amendment attempts to for one hope as many firms as possible -
imagination of the financial services put the FSA in an exceptionally powerful especially mortgage brokers - have responded
fraternity is the Conservative’s pledge to position in an effort to protect with considered ideas and suggestions that
reassess supervisory responsibilities and consumers. No surprise there, you might say, enabled the FSA to either think again or
almost certainly replace the Financial Services but the amendment requires the FSA to amend their intentions on certain points.
February 2010 Mortgage Introducer
www.mortgageintroducer.com
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