Having previously taken what many saw as a very critical view of the way businesses were run, there is a feeling that the FSA has become more positive in its approach to dealing with brokers.
Thomas Reeh, chief executive at blackandwhite.co.uk, believed the move had come as a result of the FSA understanding the industry better. He said: “I’ve definitely noticed a change in its stance, which is refreshing. It visited us recently to check our systems and processes and gave us positive feedback on what we were doing right and were very explicit about it. This is something it has never done before and we get a lot more confidence from that.”
Reeh was also positive about the future working relationships with the FSA. “The FSA has come to the realisation that the majority of brokerages are run very well and its original mentality of going in heavy was not warranted.”
Robin Gordon-Walker, spokesman for the FSA, said: “From the moment we knew we would be regulating the mortgage industry we made it our business to understand it and we continue to keep abreast of developments. Our approach is to work with the industry and it’s good that we’re perceived as operating in that way.”
Reeh added that while the paperwork involved with regulation frustrated brokers, the intention was to get it right: “The FSA will get recognition by working with us, rather than as a watchdog as it has described itself.”
