In its recent reviews into Markets in Financial Instruments Directive (MiFID) and the Retail Distribution Review, the regulator has stated that the impact would not be felt within the market. However, with each of these, the regulator has conveniently opted for a ‘get out’ clause, and there have been a few commentators in Mortgage Introducer urging brokers to beware of the possibility of cross-over effects.
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This is a worrying sign for the industry, and with the topic of Europe firmly on the agenda for the regulator, its ability to opt for an all-encompassing approach is a scary thought.
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The FSA should have to state from the beginning what impact it will have on the mortgage market, instead of putting fear into the industry with its announcements suggesting that, following an initial launch, the FSA can quite easily decide to implement strategies that will have a massive impact on the market, especially for the one-man bands like myself who already have enough to worry about.
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