It seems as if the mortgage broking industry has finally grasped mortgage regulation by the horns and is taking a serious look at the regulatory proposals put forward in CP146 to see exactly what it will mean for the industry.
Following the publication of CP146 by the Financial Services Authority (FSA), it was obvious that lenders, networks and mortgage clubs quickly formed an opinion on the proposal and voiced it to everyone who would listen. However, there were concerns that it would be they and not those who are to be most affected ‘ the mortgage advisers ‘ who would shape future drafts and eventually the regulated market.
But these fears seem to have proved unfounded, as mortgage intermediaries seem to be taking the FSA to task over the issues regarded as being damaging for the market.
Attendance at The Mortgage Event, the largest ever series of roadshows dedicated to mortgage brokers, has been phenomenal and advisers have been using them as an opportunity to address their concerns directly to the FSA. The events, and the FSA’s own roadshows, have thrown up issues which obviously concern brokers.
This is very encouraging news and is just the response the FSA has been looking for. However, with the National Association of Mortgage Brokers and Advisers (NAMBA) and the Association of Independent Financial Advisers (AIFA) still at the beginning of their arrangement to work together on behalf of mortgage brokers during this time, there is a danger that some of these issues will not be put to the FSA before the deadline.
Mortgage brokers and financial advisers need to stand up and be counted over regulation and make sure that if their firm has an issue or a query, they address it to the FSA. Nevertheless, following on from the roadshows, Mortgage Solutions is launching a campaign on behalf of the brokers who attended The Mortgage Event. We will be collating all the questions put to the FSA at the roadshows before making an official submission to the FSA. If you have been unable to attend the Mortgage Event, you can still add your comments and questions to the submission by emailing: regulationresponse @incisivemedia.com.