I, like many brokers, could not afford to treat my customers unfairly – if I did they would not be customers for very long.
The Financial Services Authority (FSA) has barged into the market, and although some of the processes it has brought in should be welcomed, much of its rulings and regulations has come at the expense of me being able to do my job – to give advice.
Any time spent completing irrelevant forms showing my development in the market and trying to decipher the FSA rulings means that I am unable to see potential clients.
get the daily news delivered to your inbox
The FSA has come much further than its original remit, and is a worrying threat to many small brokers in the market. We cannot afford to spend time away from our main purpose of selling, and the move to principles-based regulation being readied will surely only create further tension and uncertainty in what is increasingly becoming a confusing market, both for borrowers, and to a growing extent brokers.
Rather than shed light on the market and help mortgage intermediaries, in many cases the FSA is hindering the market’s growth.
catch up on the industry buzz
Brussels must undoubtedly take some of the blame, but with the regulator taking a firm grip of the housing market, it is up to the FSA to question anything that could be of detriment to the market – something that it is not doing now. The FSA should be there for us and consumers, not to pander to the needs of Brussels
Name and address supplied
