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FSA lags behind AMI in spotting problems

It would seem that the Association of Mortgage Intermediaries is rightly concerned about mortgage brokers trying to diversify in the currently difficult mortgage conditions.

Yet again, it would seem that the FSA is likely to be playing catch-up.

This is what comes from having a second-rate tier of so-called advisers who are not trained, qualified or authorised to the same level as IFAs. The sooner that the FSA creates a level playing field and raises the standard of mortgage brokers to match that of IFAs, the better.

The stated position of the retail distribution review is not to include mortgage brokers – they will be dealt with later. Presumably after the damage has been done and after financial services has yet again been dragged through the mire.

Why is it that the on-the-ball AMI can spot the potential for trouble while it would seem that the regulator is looking the other way as usual?

Pole position for the AMI. Pit lane start again for the FSA.

Harry Katz
Norwest Consultants,
Stanmore,
Middlesex

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