Mortgage Introducer reported yesterday that mortgage policy director Ed Harley had moved to oversee the FSA's asset management team, two months after Lesley Titcomb left her post as director of small firms and sponsor role on the MMR project.
The FSA said yesterday that Lynda Blackwell, who has been on the MMR since inception, will be acting director of mortgage policy until the post is filled permanently.
But with no permanent replacement yet confirmed, the FSA stands accused by many brokers of not taking its commitment to the MMR and mortgage market’s future seriously enough.
The FSA has strongly disputed this and a spokeswoman for the FSA said: "The importance of our work, such as the Mortgage Market Review and our work on responsible lending, was underlined in the government's latest consultation paper, published in July, and is firmly set to continue.
“The nature of the article [yesterday] conveys chaos, which is simply not the case and our dialogue with the industry is ongoing, and we remain fully engaged in the MMR process."
But Dean Mason, IFA at Hertfordshire-based Mason’s Financial Planning, said it seemed that no-one knew what was going on at the FSA and he felt that was a worry.
He added: “The FSA knows its whole structure is going to change, but they probably don’t know what the effects of that will be so they’ll be carrying on working to a script. But I don’t think it’s acceptable not to have found a permanent replacement for Ed Harley yet. We need to have a captain of the ship, and though I hear what they’re saying, I do think this will affect the continuity of delivering the MMR.
“Yes they’ll work to a plan, but it’s going to be a different person with a different viewpoint heading the thing up. In any line of business you’d expect a handover, and especially at the FSA. It’s extraordinary that they haven’t said ‘this is the person who’ll take over the reins and see this through to the end’. But we have to trust that they’re doing the right thing.”
Mike Fitzgerald, sales director at Brentchase Financial Services, agreed with Mason, saying: “I think all brokers and everyone in the mortgage industry would like to know that the great work Ed Harley has done hasn’t stopped.
“I’m just surprised the new person taking over from Harley didn’t hit the ground running. There should have been a smooth as silk handover and no opportunity for people in the industry to say that the lack of a permanent replacement was unsettling.
“But I think it is unsettling, though with Lynda in place I would hope we shouldn’t read too much into this lapse.”
Rob Killeen, director of broker Capital Fortune said he was less concerned than others seemed to be about the changeover, though he agreed with Mason that the change of structure at the FSA was bound to be having an impact on continuity.
He added: “Financial professionals in such a fast changing industry are likely to remain unsettled until the new appointment is announced. However the MMR is unlikely to be governed by one key individual. It is an ongoing strategy and is likely to be supported by a significant departmental team.”
