Within its move to improve the state of the market, the regulator has confirmed that it is to continue its assessments into the non-conforming and payment protection insurance markets.
Having already expressed disappointment within these sectors as a result of research, firm visits and thematic reviews, the FSA admitted it would be challenging firms in these areas.
Speaking at the FSA Summer School at St John’s College in Cambridge, Sarah Wilson, TCF & insurance sector leader at the FSA, admitted the regulator’s expectancy that the market would be fully integrated with TCF by December 2008. She said: “We are encouraged by the way that senior management have responded to the challenge posed by TCF in many firms, and are working hard ourselves to deliver on our part. We hope and expect to see a successful outcome in December 2008.”
c The Council of Mortgage Lenders (CML) has also indicated that mortgage intermediaries who advise on equity release transactions would be required to obtain a professional qualification. As a result the CML has updated its guidance and is to offer a set of refresher courses and has made changes to MCOB to include home purchase and home reversion plans.
