View more on these topics

Concerns grow over FSA plans for lenders to police brokers

Fears that independent mortgage brokers could be left out in the cold if the FSA forces lenders to police intermediaries have been echoed by many major lenders.

Cheltenham & Gloucester fears that smaller brokers could be sidelined by the plans while Alliance & Leicester says the whole market will suffer as innovation will be stifled.

A survey by the Intermediary Mortgage Lenders’ Association, due out soon, is expected to reiterate concerns that the FSA is planning to shift responsibility for vetting intermediaries on to lenders.

Aifa director-general Chris Cummings and Accord Mortgages managing director Linda Will both said last week that lenders will shy away from the independent intermediary sector if the FSA piles more responsibilities on lenders.

C&G intermediary sales director John Champion says: “If lenders were to be given this responsibility, then they would have to look very carefully at who they were doing business with. Many of them might decide to concentrate on their major introducers and wrap them in a compliant structure.”

HBOS intermediaries managing director Nigel Stockton says: “I do not see the FSA asking lenders to regulate brokers although lenders will be asked to make sure brokers’ framework is OK.”


Online exam launched for socially responsible investment

The first Socially Responsible Investment (SRI) exam for financial advisers is now available online.The course and exam will be available to all advisers, regardless of their previous knowledge of SRI. It is launched by economie, the international organisation who work to promote and develop SRI worldwide. The Kitemark exam is moderated by Bournemouth University.Ecomomie believe […]

Park Row sets up Northampton branch with ex-Bates team

Park Row has signed up five advisers from Bates Investment Services to set up its new Northampton branch.Richard John will lead the team for Park Row. He has over 20 years in in the industry, John’s experience lies primarily in investment and inheritance tax solutions for high net worth clients.Park Row chief executive Peter Sprung […]

Liverpool Vic adds underwriting team

Liverpool Victoria has set up a team to contact applicants direct if details are needed on medical conditions before going on risk.


News and expert analysis straight to your inbox

Sign up


    Leave a comment