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FSA wants summer of love for loan

The FSA wants next year to be the “summer of love” for mortgage intermediaries, with hopes that the market will dramatically improve its adv-ice processes.

Speaking at the Mortgage Expo in London last week, Dominic Clark, manager of the FSA’s mortgages department, small firms division, said that he wants mortgage brokers to show how much they have improved next year.

He said the FSA would be conducting the second round of its quality of advice proc-esses early next year, with the results to be published in June.

Clark said: “We hope that there is a positive movement in terms of advice processes in comparison with this year’s work in January. My boss said to me that she wants it to be the summer of love for mortgage intermediaries.”

Clark also said that the FSA would be publishing the results of its thematic work on affordability and responsible lending in the self-cert and fast-track market, training and competence and senior management responsibilities at the end of this month.

He said the FSA was following an enhanced strategy to help firms move faster in keeping up with its initiatives. This will involve more contact with firms, phone surveys and full site visits to around a quarter of mortgage advice firms.

Questioned by a delegate on whether this would mean an increase in fees, Clark said that as it would be recruiting more people to fulfil its strategy, it is possible that this will result in increased fees.

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