You are here: Home - News -

Fast-track solution from the FSA

by:
  • 27/09/2002
  • 0
Regulation may not be the upheaval many IFAs believe, with plans for fast-track sanctioning from the...

Regulation may not be the upheaval many IFAs believe, with plans for fast-track sanctioning from the Financial Services Authority (FSA) now under consideration.

Speaking at The Mortgage Event in Glasgow last week, Charles Woods, from the high street firms division of the FSA, said granting levels of due credit to firms regulated by organisations such as the Mortgage Code Compliance Board was a potential option.

He said: ‘Fast-track transfer is a possibility. We will assess organisations’ criteria for granting regulation and look at how the rules compare to ours.’

Although he would not detail the timeframe within which the proposals would be delivered, he said: ‘There is still work to be done and an announcement will be made in due course.’

For firms not gaining regulated status, Woods called on the market to take responsibility for ensuring they did not continue to trade illegally. He said the FSA would also look to organisations like the Office of Fair Trading to help with the policing of the incoming regulations.

Woods said the FSA was not concerned non-regulated areas of the market would see a vast increase in numbers fuelled by firms unable to meet the new regulatory regime.

In such sectors, he said it was unlikely existing firms would tolerate sub-standard entrants, and suggested it would be difficult to operate only in the unregulated market areas while maintaining a viable offering to customers.

Woods urged intermediaries to contact the FSA with concerns before the period of consultation for CP146 closed on 11 November.


Tags

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
CML calls for equity stakes in social housing

The Council of Mortgage Lenders (CML) has called for tenants living in social housing to be allowed ...

Close