Time is running out for mortgage advisers to respond to the outstanding consultation papers concerning statutory regulation of sales and advice.
The deadline for responses to the Financial Services Authority (FSA) as regards CP160, which affects insurance selling and administration, is 10 March and feedback has been poor.
Catherine Nicoll, head of communications for the General Insurance Standards Council, warned: ‘If you are not engaging actively in the consultation process, you are not contributing,’ to creating an effective regime.
The remaining consultation papers are CP159, which proposes the extension of the appointed representative (AR) regime to allow mortgage brokers to become ARs rather than remain directly authorised. And CP166, which is consulting on removing the polarisation rules and redefining the term independent advice.
A survey conducted by proposed trade body the Association of Mortgage Intermediaries, found that few brokers understood the proposals. The deadline for responses to CP159 is 31 March, and comments regarding the content of CP166 need to be submitted by 28 April.
n To read the consultation papers and submit a response, visit www.fsa.gov.uk.