You can take another look at the week’s news and we’ll round up the stand-out, most thought-provoking or unmissable comments posted after stories or sent straight through to the editor.
Comment any time on the Mortgage Solutions website and you could feature in next week’s Mortgage Mutterings.
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DAs considering AR status told to switch now
Mortgage Solutions | 22 Nov 2010 | 09:59
Simret Samra
This is just what the FSA wants, no DAs. They are too difficult, time consuming and expensive to monitor. They want several AR groups who are regulated internally, so the FSA just have a few groups to monitor.
Robin
22 Nov 2010 | 10:58
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AMI queries ‘mad’ RDR label plan
Mortgage Solutions | 22 Nov 2010 | 15:27
IFAonline
Sorry – as an independent mortgage adviser, I don’t really see what the problem is here?
Nick Walker
22 Nov 2010 | 16:43
If everyone giving advice was made to offer independent advice, the consumer would not need to count the numbers of angels on a pin head. Let’s face facts, the regulator is trying to serve two masters here and the result is just the same old confusion with insane amounts of paperwork offered by the adviser to try and explain the difference. With only one variety – independent advice – the consumer gets it; choice in product and choice in provider.
Chris Ridgeway
22 Nov 2010 | 19:37
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Brokers must engage with FSA for compliance sake
Mortgage Solutions | 24 Nov 2010 | 12:59
Ed Payne
I did not ever believe that a compliance person would ever advocate using less paper, but Ed is quite right that anyone belonging to a network has had to provide everything that is in CP10/28 on every case since 2004 […] Ed there is no chance enough brokers will attend these meetings and ask the difficult questions. Most are fundamentally scared of the FSA and do not want to bring on any unwanted attention. We need a champion to bring back a sensible system that puts the broker in the position of protecting the client as that is what they are there for. Sadly it is not AMI and it’s not going to happen.
David William
24 Nov 2010 | 17:25
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Sentance: Low base rate threatens economic stability
Mortgage Solutions | 24 Nov 2010 | 14:58
Kay McLellan
Is the man an idiot? How can an increase of 50% on current interest rates do anything other than create an upwards-only burden for individuals and businesses, who have their loan interest to repay each month. Any increase in costs will increase pressure on rising inflation. It is low interest rates that have saved the day in this country, and created confidence in a stable, low interest rate environment.
Barry Fitch
24 Nov 2010 | 15:38
Sentance has been consistent in his call even if misguided. Nobody knows if the economic cycle will normalise soon or that we are in a prolonged period of correction that defies all the fiscal and monetary policy thrown at it.
Duncan Jones
24 Nov 2010 | 17:17
Sentance is clearly willing to take a gamble with everyone else’s money. Perhaps no one has told him about the crumbling euro and Ireland being on its knees. The effect of a low interest rate in this country is just beginning to show some advantages and benefits, yet he wants to stick his oar in and unsettle this. We are only now seeing the banks finally passing on some of the interest rate cuts that they should have passed on ages ago, so let’s sit with it Mr Sentance and don’t be so foolhardy.
J Barr
25 Nov 2010 | 11:42
To read all the comments on this story, click here.
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MS poll: Should the FSA equity release proposals go further? Vote now
Mortgage Solutions | 24 Nov 2010 | 18:09
It is our job, as an industry, to ensure that all options are discussed with the client so an informed decision can be made. As independent advisers, we work on the client’s behalf not the product providers and, therefore, we are transparent, fair and not misleading. How can that be the case if only one product range is discussed?
Paul Wilson
26 Nov 2010 | 12:07
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Loss of fast track “cannot be ignored”
Mortgage Solutions | 25 Nov 2010 | 09:18
Kay McLellan
I am not certain Chris Tanner’s suggestion to allow a middle ground solution will go down well with th regulator, it sounds too sensible for them!
Chris Ridgeway
25 Nov 2010 | 10:00
Checking a customer’s payslip takes only a few seconds, so to suggest that fast-track speeds up the process is just nonsense. We all know that if any cases are allowed without confirmation of income, the industry will just abuse it as it has in the past. What is important now is that the MMR is implemented ASAP, so that we all have the certainty going forward and can concentrate on lending again.
Keith
25 Nov 2010 | 10:07
It’s obvious that fast track was always being used instead of self certification. Anyone who thinks differently is disillusioned. The FSA are spot on here, as you have to consider the “knowing your clients” requirements.[…] Realistically, if you remove fast track, only full status is left. And then, what exactly is the point of a broker, when clients could go to the lenders directly. This is turn would eliminate more brokers, which means clients will deal only with banks. This is not good news for the banks as when the FSA issue fines, I think we can expect to see much larger fines and possibly more often. I really don’t think the FSA have really thought this through, as ultimately all they are doing is pushing the last few remaining brokers out of this industry and in turn they also will suffer financially and have to make redundancies themselves.
Cedar Mortgage Services
25 Nov 2010 | 10:50
To see all the comments on this article, click here.
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Have a great weekend
The Mortgage Solutions team
