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Mortgage Expo: FSA wants next year to be ‘summer of love’ for mortgage intermediaries

The FSA has said it wants next summer to be the ‘summer of love’ for mortgage intermediaries, with hopes that the mortgage market will show an improvement in advice processes.

FSA manager of mortgages department, small firms division Dominic Clark told delegates at the Mortgage Business Expo in London that he wants mortgage brokers to show the FSA how much they have improved next year.

He said that the FSA would be conducting round two of its quality of advice processes work in early 2008, with the results to be published in June 2008.

“We hope there is a positive movement in terms of advice processes in comparison to 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 it would be publishing the results of its thematic work on Affordability/Responsible lending (self-cert and fast-track), Training and Competence and Senior Management Responsibilities at the end of this month.

He told delegates that the FSA was now following an enhanced strategy in order to help firms move faster in keeping up with its initiatives.

This would involve more contact with firms, telephone surveys and full on-site visits to approximately a quarter of firms.

Questioned by an audience member whether this would mean an increase in fees, Clark said that it would be recruiting more people in order to fulfill its enhanced strategy which means that it is possible it would result in increased fees to intermediaries.

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