Frank Eve is managing director of Frank Eve Consulting and TCF info
The deadline for the final Mortgage Market Review consultation paper is fast approaching, after 31st March the industry can stop debating the proposed changes to regulation and will have to wait patiently until the summer for the final results and deadlines.
However some of the major changes that will affect mortgage advisers are now clear, all advisers will need to be qualified and they will need to undertake some form of Continual Professional Development.
As a result standards in the industry will have to rise to meet the challenge of this new regulatory environment.
The Financial Services Authority is assisting in this change of behaviour by starting a new broker assessment program that will see every mortgage advisory firm assessed by the FSA.
The FSA started a new supervision process for smaller firms at the end of last year which and is looking at how adviser firms identify and take steps to prevent the potential risks within their businesses.
It is the FSA’s intention that all directly authorised mortgage brokers will be involved over the course of the next four years.
A key aspect of this new supervision process is the introduction of a “Proactive Regulatory Review” which is preceded by all firms attending a workshop on Governance Culture and Control’.
If you are unaware of what this means for you, I suggest you have a look at TCF info where details of the FSA assessments will be going up shortly.
