Mortgage News
Brokers reject call for increased FSA powers – Poll
Mortgage brokers have suggested they are against the FSA getting increased powers when investigating financial firms.
The latest Mortgage Solutions People’s Poll asked whether brokers agreed with Tracey McDermott, head of enforcement at the regulator, who argued that the FSA should be given powers to prevent firms from conducting business while being investigated.
However, over half of the voters (54%) in our poll disagreed with the regulator being given greater powers with just 23% backing McDermott’s proposals.
The remaining respondents (23%) indicated that more detailed plans would need to be presented before any judgement could be made.
In front of a panel of MPs McDermott said that the FSA had prohibited 39 individuals last year and cancelled permissions of around 42 firms.
She said that after the arrival of the Financial Conduct Authority (FCA) the regulator would focus on ‘cradle to grave’ regulation of the financial sector.
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