The Association of Mortgage Intermediaries says any future register for mortgage brokers must have a clear disciplinary procedure in place to ensure advisers are not treated unfairly.
In its first mortgage market review consultation paper in 2009, the FSA said it would create a register of brokers to provide a public record of all authorised mortgage intermediaries and limit the ability of individuals to hide from regulatory penalties.
But at the end of 2010, it delayed the plan until 2012/2013. Then in February this year, the FSA revealed it has indefinitely delayed the development of the register.
The FSA says the delay is down to “systems implications” caused by the upcoming switch to the new regulatory system in April. However, it says it is keen to work with the industry to come up with an interim solution.
Earlier this month, Money Marketing’s sister title Mortgage Strategy revealed Sesame Bankhall Group and other key providers are looking at building an interim system to individually register brokers.
Speaking at the Mortgage Business Expo in London last week, Ami chief executive Robert Sinclair said: “We have to find a way for this register to work for the consumer and it has to work across the industry, whether it is for intermediaries or lenders’ direct sales staff.
“We also have to make sure it does not damage brokers by kicking them off the register when they have done nothing wrong. There has to be some form of proper disciplinary process.”