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‘The FCA should regulate from a factual position’ – Star Letter 27/09/19

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  • 27/09/2019
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‘The FCA should regulate from a factual position’ – Star Letter 27/09/19
Each week Mortgage Solutions and its sister title Specialist Lending Solutions selects the best contribution from readers as Star Letter.

 

This week’s comment came from Paul Fielding, in response to the article: ‘Not much substance’ to FCA’s unaffordable second charge lending claims – FLA.

He said: “The absolutely frightening aspect here is the fact that the industry regulator, so keen to bring the hammer down on the adviser side of the fence, can itself make public totally unfounded statements of this nature.

“Then, when challenged to back it up, they remove the offending wording from the Financial Conduct Authority (FCA) website and fail to come up with a substantiated position whatsoever.

“I do very little second charge business, even though I always always consider it as an option where appropriate, so I have no axe to grind at all.

“I simply ask the question: how can an industry regulator behave in this way? Only to then presumably shrug it all off – once again – in a ‘you can’t touch us’ kind of manner? By all means regulate, but regulate from a factual position.

“Trust… what trust?”

 

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