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Brokers demand FCA action on individual registration

  • 15/02/2013
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Brokers demand FCA action on individual registration
Over 400 mortgage brokers have called on the incoming Financial Conduct Authority chief Martin Wheatley to speed up the introduction of an individual registration scheme.

The letter, organised by broker forum Cherry, said plans by the Financial Services Authority to extend the ‘approved persons’ regime to include all who advise on mortgages had been delayed indefinitely because of IT problems associated with the FSA’s split into two separate bodies.

Referring to the delayed plans for all advisers and branch staff to take a ‘Fit and Proper’ test, the letter continued: “Whilst recognising the need to ensure that advisers who have suffered financial loss as a result of the banking crisis /credit crunch are not unfairly prejudiced, I feel strongly that this matter must not be delayed and urge you to implement an urgent solution.”

Over four-fifths of brokers agreed with the letter. Cherry director Donna Hopton said she expected a response to the letter next week.

Earlier this year, Association of Mortgage Intermediaries chief executive Robert Sinclair called the FSA a disgrace over its reluctance to launch an individual registration scheme for mortgage advisers.

A collective of mortgage trade bodies and lenders including the Association of Mortgage Intermediaries, are also in talks to create an individual registration database for mortgage advisers sooner rather than later.

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