Nathan Handley, principal of Handley Associates, has posted a petition on his website, nathanhandley.com, inviting brokers to add their name to his cause – namely that the FSA needs to be reformed.
The statement on his website says: ‘The purpose of my visit is to provide a petition and documentation for the consideration of the Prime Minister that illustrates how the FSA is drowning mortgage and insurance intermediaries in insufferable amounts of paperwork.
‘Research supports my fear that the smaller broker is being squeezed out of the industry. This will be ultimately bad for consumers as a cartel of ‘big business’ mortgage intermediaries will seek to charge higher fees and offer a far less dedicated service to their clients. If something is not done soon to ease the burden, many small businesses will close and clients will lose long-standing advisers. Some of my clients have been with me for eight years.
‘I also believe the collapse of the small broker will hasten the oncoming recession. I am currently advising all my clients to take five-year fixed rates as I believe interest rates will soar within the next two years.’
Handley said he will deliver the petition to 10 Downing Street on Thursday 8 December at 3pm. Posted last Friday, it has currently been signed by over 100 brokers.
But Kevin Morgan, managing director of Consilium Financial Planning, said he would not sign the petition. “Has this broker offered any alternatives on how to better regulate the industry? I’m not quite sure what his specific brief is. We are a regulated industry and we have to file reports to the FSA. It’s a pain but it has to be done. The best thing is to have an open dialogue with the FSA rather than just telling it that it’s bad.”
