Speaking at the Mortgage Business Expo in Manchester, Robert Sinclair, associate director of the Association of Finance Brokers (AFB), admitted the trade body had concerns over the FSA’s recent actions.
He said: “AMI has concerns that the regulator seems to be in a hurry to implement plans, as a way to justify its existence to the judiciary.”
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With the move to principles-based regulation, Sinclair added that the mortgage industry landscape would change significantly over the next 12 months.
He said: “The FSA’s Retail Distribution Review was initially set to focus on investment, but that has changed, while the market focus has to change with Europe. AMI wants to be on the front line when the rulings are being shaped, rather than acting afterwards.”
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Robin Gordon-Walker, spokesman at the FSA, said: “We do not rush regulation and because of the procedures laid down by law, we can’t. We have to consult with affected parties, and conduct cost/benefit analyses and this all takes time. Even without all of this, we know that regulation won’t work if it is rushed through so we make sure it will work before making any changes.”
