Mortgage News
FSA: Our small firms supervision is working
The FSA has claimed it is successfully changing the behaviour of small firms and is on target to double the number delivering fair outcomes to customers.
In its latest business plan, the regulator reviewed it Assessment Programme which by the end of the summer will have directly assessed 6,600 retail intermediaries and 200 retail asset management firms through face-to-face and telephone-based assessments.
It said: “At the end of the programme, we will be able to demonstrate clearly and measurably, that our direct engagement has changed small firms’ behaviours in a real and sustained way.
“At the beginning of the programme, around 40% of small retail intermediary firms were able to demonstrate that they consistently delivered fair outcomes to their customers.
“A key objective is to increase this to 80% by the conclusion of the programme and, as we enter our final region, we are on target to meet this.”
The FSA also confirmed it will adopt a new proactive, risk-based supervisory approach after the completion of the Assessment Programme, including roadshows, assessments and follow-up visits.
Industry, not regulation, must lead later life lending change
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