View more on these topics

FSA sets out position on responsibilities

The FSA says it has no intention of making product providers regulate intermediaries through the back door via treating customers fairly.

In a letter to the Council of Mortgage Lenders, FSA managing director of retail markets Clive Briault says the FSA does not wants to redefine the roles and responsibilities of lenders and intermediaries.

Accord Mortgages managing director Linda Will feared that lenders were being given more responsibility to monitor advice and claimed this could force lenders to look towards direct channels.

Briault says: “Our TCF work has not sought to change res-ponsibilities of producer and distributor firms. In essence, producers are responsible for ensuring a product is fit for purpose, and distributors are responsible for the quality of the information and the advice they give to customers.”


Moving story

Back in 1994, having trawled the City for openings in investment management, I found myself having a pre-finals interview with Tim Cockerill at Whitechurch Securities. From the glamour of the Square Mile, with a degree in financial services from the aptly named University of WOE (West of England), I started work as an investment analyst […]

Secured brokers get new association

The Association of Finance Brokers has been formally established to represent secured-loan advisers. It will become part of Aifa and will be a sister trade body of the Association of Mortgage Intermediaries. The announcement comes two months after the AMI and the Corporation of Finance Brokers’ published their plans to form a joint organ- isation. […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment