Nationwide for Intermediaries says the FSA’s proposals to bring all mortgage advisers under the approved persons’ regime will be onerous and costly and questions whether it should be implemented.
At a Money Marketing mortgage round table , Nationwide for Intermediaries head of corporate accounts Paul Howard expressed concern that bringing in the AP regime would put “a massive burden” on mortgage adviser businesses.
But Chartered Insurance Institute’s Society of Mortgage Professionals chief executive Richard Fox said the regime should be brought in for all mortgage advisers.
Everyone at the round table was in favour of the individual registration of intermediaries by the Professional Standards Board, arguing that a public register could have helped to weed out rogue brokers long ago.
Howard said: “To make all its sellers approved persons is going to be a massive burden on a business, whereas to have them individually registered is a sensible thing to do and I think achieves the objective.”
Fox said: “Obviously, the people who are carrying out the sales process should be approved persons because they are facing the public.”
Association of Mortgage Intermediaries director Robert Sinclair said: “It does take time and will increase the cost per firm.”