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AMI calls on FSA to divulge costs
21 April 2007
The Association of Mortgage Intermediaries (AMI) has called on the Financial Services Authority (FSA) to provide a costs-benefits analysis of moving to a principles-based approach.
With the FSA continuing its move towards a principles-based slant towards regulation, AMI has urged it to detail the costs involved.
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Rob Griffiths, associate director at AMI, called for greater transparency from the regulator about its costs, and said: “When the FSA regulated the market, it moved away from the principles already set in the market towards prescriptive detailed rules. Moving back towards a principles-based approach to regulation will lead to increased costs, which the FSA has not fully detailed and costed out. Going from principles, back to them within two years will undoubtedly have knock-on effect on costs. We want to make sure that intermediaries are not suffering financially as a result of the FSA’s move towards a principles-based approach.”
He confirmed that AMI had lobbied on the issue and would continue to do so.
However a spokesperson at the FSA said that any costs involved would be detailed in the FSA business plan for the year.