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Mixed reaction over approved regime delay

Industry trade bodies are split over the FSA’s decision to postpone the introduction of the approved persons regime for mortgage brokers.

MoneyMarketing.co.uk last week revealed that the regulator had published a notice on its website stating plans to delay the scheme, which was to be introduced in March 2011, until 2012/13.

The regime requires people who advise on or sell mortgages to demonstrate they are “fit and proper” under the mortgage market review and to register with the FSA.

The Association of Mortgage Intermediaries says it is disappointed that the scheme will not be introduced on its initial deadline.

Director Robert Sinclair says: “I think it is unfortunate because when we lost the mortgage code compliance board in 2004, we did think that individual registration should carry on into the new regime. We have been pushing for it ever since. The deferral is unfortunate, in our view”
However, the Intermediary Mortgage Lenders Association and the Council of Mortgage Lenders support the delay.

CML director general Michael Coogan says: “With improved professionalism and a range of mortgage issues out to consultation, it is sensible to make changes affecting individual sellers all at the same time.

“Bearing in mind the fact that firms would prefer to be able to budget and plan ahead for change, we are pleased to see the FSA taking a sensible and pragmatic approach on this issue for 2011.”

Imla chairman John Heron says: “This is a very substantial piece of work that needs to be right and I can understand why the FSA would want to have sufficient time to ensure that this is the case. We are pleased therefore to see that they have reassured the industry that we too will be given adequate time to prepare for the revised approved persons regime.”

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There is one comment at the moment, we would love to hear your opinion too.

  1. I do not think that my Endowment was fit for purpose will any thing ever get done about the people did clam soon enough. I was very, very ill the time I should for miss selling. Can any help !

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