The survey was last carried out two years ago and its objective is to gather industry views on the FSA’s effectiveness and operations. It is the first time the survey will be sent to members of the mortgage market since regulation came into effect in 2004.
Some of the questions asked will relate in particular to the regulator’s ‘Treating Customers Fairly’ (TCF) initiative. It will ask detailed questions on the FSA’s performance against its set objectives such as enforcement, its approach to supervision and its contact centre.
It will also revisit questions asked in its 2004 survey to determine whether the FSA has paid heed to previous requests.
“In the last survey, the cost of regulation, particularly relating to smaller firms was one of the key issues to arise. As a result, we have commissioned an in-depth piece of analysis to gain further insight into this area,” said Chris Cherlin, secretary to the FSPP.
Roy Leighton, chairman of the FSPP, encouraged all those contacted to take part in the project. He said: “The survey is an effective tool for communicating practitioner’s concerns, comments and suggestions to the FSA. The higher the response rate, the more authoritative and convincing the survey results will be. Past surveys have enabled the FSPP to have substantial, direct impact on front-line FSA policy making and operational development.”
Bill Warren, director of Complete Mortgage and Loans Services said: “This is a good move as it will provide a balanced view of regulation and the manner in which the FSA has been operating in the market. The FSA has been very good at communicating with the industry and that is certainly a plus point, but the implementation of TCF and management of Financial Promotions are bound to be areas where the FSA will be criticised.”
