I feel the proposals are the regulator’s way of trying to ensure they bring the whole market under its wing, something it has pretty much failed to do so far in my opinion – particularly with smaller firms.
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I have always said that the FSA’s remit was too large, and this is a prime example of its lack of understanding of our niche mortgage market. What works in one sector may not necessarily work in another and the FSA must be forced to realize this.
The thought of an industry full of mega networks is horrendous, the mortgage market’s charm is its diversity of networks, clubs and small firms and sole brokers.
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To implement anything that could jeopardize this would be a total error of judgement.
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