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FSA fines having no effect on attitude to compliance
A recent survey conducted by Pink Home Loans has revealed that 82 per cent of intermediaries have not changed their attitude to compliance despite the number of fines and bans imposed on firms or individuals in 2008, by the FSA.
So far this year the FSA has fined and or banned 32 firms/individuals for a total of £12,134,200. This reflects the severity of the FSA’s concerns compared to just 23 in 2007 with total fines of £5,341,500.
Kay Leslie, Network Services Director at Pink Home Loans comments: “I would hope that the intermediaries answering the question said that their attitude to compliance had not changed because it is already of a high standard and that they would have nothing to worry about should the FSA visit them”.
“However, if this is not the case then I strongly encourage the intermediary to seek help from a network or outsource to a specialist compliance firm to ensure that they are conducting their business as the FSA would expect. The FSA has made it very clear that they are taking a tougher stance on enforcing their policies in their run up to the TCF deadline at the end of this year so it is imperative that all companies have appropriate systems and control in place”.
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