View more on these topics

IFAs on fast track for mortgage regulation

IFAs will be fast-tracked thr-ough the application process to become regulated to give mortgage advice, according to the FSA.

FSA manager of the mortgage policy team Susan de Mont said a more “streamlined” process is being designed for IFAs than for non-regulated mortgage brokers.

She said the FSA is already familiar with IFAs&#39 profiles and so will not require as much information from them as it will from firms not already regulated.

De Mont said the regulator will be publishing its draft rules for mortgage intermediaries next week and would start taking applications from firms from January 1 next year. She said an information pack about what will be required as part of the application process will be published in September.

At the same panel session, Mortgage Code Compliance Board chief executive Luke March said he is concerned that firms would struggle to understand the FSA application, saying that many members have had difficulties with the MCCB&#39s paperwork. March said he has seen a first draft of the FSA application, which stretches to more than 30 pages.

De Mont said: “For IFAs, it will be a different process, it will be a shorter process, it will be more streamlined. We will try and give advisers as much notice as we can as to what it will contain.”

March said: “If brokers have had problems with our applications, then they will certainly have troubles doing the FSA one.”

Recommended

nvesta – Super Tracker 35 Plan

Type: Capital protected bond Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £3,000-£2m, £7,000 Isa Term: Six years Guarantee: Original capital returned in full provided index does not fall by more than 40% and returns to at least its starting level Return: Between 35% and 100% growth at end of […]

Invesco splits functions

Invesco UK is realigning its business into three core functions in a bid to reduce overlap following the splitting of parent company Amvescap last year into two divisions, Aim and Invesco.From this week, Invesco UK, which has almost £20bn under management, will be divided into functions concentrating on investment, operations and distribution.Chief executive Rob Hain […]

NU exits small group stakeholder market

Norwich Union is withdrawing group stakeholder products for companies with fewer than 20 employees to focus on bigger, more profitable corporate schemes.It will no longer offer its Group Your Pension product range because of falling activity levels in the small to medium-sized business sector.NU will now offer a series of individual stakeholder pensions for employers […]

Talkback

“No, I do not think financial advisers or IFAs are pers-ecuted any more than other small business people but we need to speak more strongly with one voice and I see this happening through Aifa and Sofa. They are starting to have more clout but we are living in a American-ised blame culture.”Graham Shields, ABS […]

How do you choose the best online service?

By Ross Jackson, senior marketing manager There are many different protection online services available in the market and no doubt you’ll have used a few when submitting protection business. But why should you have to put up with slow, unresponsive sites for your business when you’re used to dealing with slick, modern user experiences in your […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment