Mortgage Introducer asked broker and network representatives whether they thought it was time the FSA looked more intently at networks and whether they thought the FSA had been too lenient on networks thus far.
Andy Pratt, chief operations officer of Alexander Hall
“It’s always more difficult for networks to implement standards and controls. For those who are mortgage-related, for example mortgage clubs that switched to networks, it was a new thing and a steep learning curve. I’m not surprised there have been a few hiccups and I am surprised that no stories have come out before.”
Bill Warren, network director of The Complete Network
“My impression is that the FSA has not been lenient so far but it appears on the surface to have been reasonable in enabling firms to get themselves up and running and to get a grip on everything. The FSA rightly expects compliance in every respect and especially in those aspects which firms said they would undertake when going through the authorisation process – business plans, for example.”
Sally Laker, managing director of Mortgage Intelligence
“I’m not surprised that the FSA is taking a closer look at networks. The regulator will be looking at it with regards to ‘Treating Customers Fairly’, as it should be. Everyone was taken by surprise by the large number of networks set up pre-‘Mortgage Day’ and myself and other network colleagues’ expectation was that the FSA would look at everyone in the regulated market closely to ensure that what it has set up is in place.”
Tony Corrigan, managing director of Classic Network Solutions
“I don’t think the FSA has shown its teeth yet and is trying to play catch-up. A couple of uncompliant networks won’t tar all with the same brush; in fact it will do the opposite and shake up those that maybe aren’t complying and make them realise what the FSA is all about.”
