View more on these topics

All mortgage brokers could be regulated

The FSA is considering regulating every individual mortgage broker and making all IFAs giving mortgage advice subject to a separate approved person status for mortgages.

The regulator says this would see the individuals of the 3,264 broking firms whose main business is mortgages become subject to the same checks as investment advisers.

While every mortgage broker firm is regulated, brokers are not individually approved.

The Association of Mortgage Intermediaries says it supports the FSA’s proposal but warns that simply replicating the existing IFA regime would not be suitable for the mortgage market.

AMI director-general Chris Cummings says: “We have previously called for individual registrations for mortgage intermediaries and we con- tinue to support this element of the proposed review by the FSA.

“We welcome the opportunity to work with the FSA to consider such a proposal but we must ensure that it is simple and cost-effective. We do not believe a carbon copy of the existing IFA regime would be suitable for the mortgage market. It must be a clearer registration system but not one that adds more burden on intermediaries or IFAs who advise on mortgages and are already registered individually.”

A FSA spokeswoman admits it does not know how many individual mortgage brokers would be affected. She says the FSA is reviewing the proposal alongside a number of other options and an announcement is due by the first quarter of next year.

The move comes as part of the FSA’s crackdown on mortgage fraud. It revealed last week that it will be making targeted visits to 200 mortgage brokers. In the past 12 months, the FSA has banned 17 individuals and levied fines, including a £129,000 fine, for mortgage fraud.


St. James’s Place sees profits slow

St.James Place says it still expects long-term growth targets for new business to stay at 15 to 20 per cent per annum despite a 5 per cent loss in group operating profits.

What are the key changes to transform pensions?

By Fiona Tait, pensions specialist In her final article for Royal London, Fiona Tait reviews key changes she believes have transformed, or will transform, pensions. In my 12 years with Royal London I have been paid to review, study and explain the numerous changes to pension legislation which have transformed our industry in that time. This is […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm