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Widespread concern over FSA regulations

by: By Edward Murray
  • 06/10/2003
  • 0

The Mortgage Event opened last week in the face of mounting concerns from intermediaries over regulation and the problems posed in choosing how to operate under the new Financial Services Authority (FSA) regime.

Of 450 intermediaries contacted prior to the event, over 45% said regulation was their biggest concern, with a further 21% preoccupied with the decision of becoming directly authorised or being an appointed representative.

Results from Mortgage Solutions’ research highlight a personal dislike for the regulatory changes, despite a general acceptance that it will be a good thing for the market as a whole. Almost 60% of intermediaries said they thought regulation would be a positive thing for the industry, although that number dropped to 45% when asked if the effect on individuals’ businesses would be positive.

The Mortgage Event, hosted by Mortgage Solutions in association with Legal & General Mortgage Club, Norwich Union, Premier Mortgage Service and ZIFA Mortgage Network, visited Bristol and Leeds last week, with dates in Brighton, Birmingham, Glasgow, Manchester and London to come over the next fortnight.

Over 2,500 intermediaries will hear speakers from the FSA, the MCCB, the CML, Nationwide and HBOS discuss issues including regulation and the economy, while a panel will take questions from the floor.

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