The research shows brokers are still failing to engage with the regulatory debate, according to the online research. As a result www.tcfinfo.co.uk is embarking on a campaign to encourage intermediaries to register on the site and “Join the debate”.
The website will run a series of online questionnaires on proposed regulatory changes and the results will be fed back to the CML and AMI, lenders, intermediary groups and technology suppliers through their involvement in the TCF Lender Forum.
There is a real need for intermediaries to be kept updated on regulatory change in a clear and concise way, said Frank Eve, chairman of the TCF Forum, with just 11% of respondents suggesting they are ‘very confident’ on MMR issues.
The forum plans to summarise and put the FSA’s discussion and consultation papers into plain English and provide digestible summaries for the industry.
Eve said: “After taking this research it became clear that smaller intermediaries needed better information on the regulatory changes and a way of ‘getting involved in the debate’.”
Michael Coogan, director general of the CML, said: “The research shows that intermediaries are not participating in the regulatory debate, and that is unfortunate.”
Robert Sinclair, director of AMI, said: “I have been encouraged that over 400 intermediaries have attended the FSA road shows to debate the issues directly. However it is important that we press home our views so that the FSA is fully aware of the strength of views on aspects of their proposals. AMI strongly endorses this work by www.tcfinfo.co.uk to engage as many as possible in the debate and to work with us to provide a co-ordinated and consistent set of messages.”
