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17 April 2008 / Diane Saunders
Issue: 7317 / Categories: Features , Regulatory , Banking , Commercial
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Interesting times

How is the Financial Services Authority doing as a mortgage regulator? Diane Saunders reports

The Financial Services Authority (FSA) has regulated mortgages since October 2005. Since then we have contacted the FSA to clarify rules or to check how we should proceed. Staff do their best to help, but often can't because they cannot give us exact guidance, while warning us that if we misinterpret the rules we will be liable to censure.

We are now charged to “treat customers fairly”. Well, we thought we did, but only 22% of mortgage intermediaries met the first deadline of March 2007, when they had to demonstrate they were applying the Treating Customers Fairly principles in a substantial part of their business. The final deadline has now been extended until December 2008.

The regulatory advice “industry” has grown because it is becoming more difficult for advisers to read the many directives and dictats issued and incorporate them into our working lives. The introduction of “principles-based” regulation does not seem to make much difference.

The FSA regulates everything

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MOVERS & SHAKERS

Flint Bishop—Charlotte Harris

Flint Bishop—Charlotte Harris

Sheffield expansion continues with appointment of commercial property partner

Browne Jacobson—Paul Duggan

Browne Jacobson—Paul Duggan

Browne Jacobson strengthens banking and finance practice with latest partner appointment Paul Duggan

Ward Hadaway—Chris Piggott

Ward Hadaway—Chris Piggott

Employment partner joins Ward Hadaway

NEWS
The Law Society RFC Festival of Sport returns next month, bringing together legal and financial services professionals for one of the sector’s largest annual sporting events
Legal aid deserts leave almost one in four without adequate access to justice
The Solicitors Regulation Authority (SRA) has warned solicitors and law firms that using artificial intelligence does not alter their professional obligations, amid concerns over inaccurate legal material and client confidentiality
From forgotten interest claims to case-management appeals, a string of procedural developments offers useful—and occasionally cautionary—lessons for practitioners

Jonathan Fisher KC highlights that it now accounts for around 40% of criminal offences, with roughly 70% involving technology, and argues that the UK cannot simply prosecute its way out of the problem. Detection, investigation and prosecution all require improvement, while different fraud types demand tailored responses.

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