New regime to apply to all
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The FSA says it would be “naive” not to apply the new mortgage market approved persons’ regime to tied advisers.
At a Council of Mortgage Lenders’ conference last week, FSA director of small firms and contact centre Lesley Titcomb said any change would affect all persons advising on mortgages. This follows heavy lobbying from the CML to exclude tied advisers from the new regime.
She said: “Some still believe we should only apply changes to intermediaries but we have to ask what the point of that half-hearted approach would be?
“If we want to have proper oversight, we must have oversight of the whole industry and those who work in it, and not just part of it. Whatever we introduce for intermediaries, we must introduce for those people working for lenders who deal with customers as well.
“It would be naive to think that fraud can only ever be an intermediary problem.”
Association of Mortgage Intermediaries director Robert Sinclair says: “This is a welcome affirmation of the desire to provide a consistent regime.”
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