Cupis said that the FSA will continue its intrusive business model analysis and advisers must seek out as much guidance from different sources as they can in order to understand the issues they face and imbed good practice in their firms.
Speaking at The Mortgage Event in London, Cupis said: “We can already start to see that regulation in our sector is beginning to slow down, as the regulator prepares to be split up and with housing not on the political agenda.
“However, MMR implementation may be slowing down, but it is not going to go away. The industry has to take stock of what the papers have said and how it may affect us in the future.”
The FSA’s decision to delay introducing the Approved Persons regime to the mortgage market was “a disappointing move”, Cupis said, and sent out mixed signals to the market when it was a chance to weed out rogue advisers.
Nevertheless, he added that improving standards and professionalism in the industry should not be stopped by the delay.
