Trevor Youens, director, Flower IFA
“It should, and hopefully will, target all the remortgage cases where the firm is ringing up people who are in financial difficulties in the hope of putting them on non-conforming products with ridiculous fees and rates. This is a big problem at the moment.”
Mike Fitzgerald, sales director, Brentchase Financial Services
“It will go after those brokers that charge very high fees. It should look at the MCCB’s files to see what brokers the former regulator had suspicions and doubts about. This should keep the FSA busy for about two years. Then it should visit all the large firms that have the power to affect hundreds of mortgages.”
John Stewart, director, PMI Independent Financial Advisers
“It will most probably be the self-certification market because of all the negative publicity it’s got over the last year. Self-cert poses legal issues where people could be lying so I wouldn’t be at all surprised if the FSA sinks its teeth into this first.”
Mark Osland, director, Fidelius
“It should address the problem of so many people taking out interest-only mortgages which is causing a huge crisis with peoples’ pension provision. But overall we have a good mortgage market and it does not need to be investigated or scrutinised.”
David Hollingworth, mortgage specialist, London & Country
“Self-cert has been the one area that a lot of people have picked out but as long as people handle these cases carefully there should be no problem. The FSA is more likely to target those brokers who are not taking regulation seriously. It will start with more general issues like this.”
