EXCLUSIVE: Mortgage policy role at FSA in limbo
Ed Harley, formerly director of mortgage policy at the Financial Services Authority, has started a new role within the regulator, leaving the position empty at the start of the responsible lending consultation period.
An FSA spokeswoman said Harley had started in his new role as head of the asset management department in the retail firms division of the FSA shortly after the publication of CP 10/16 on responsible lending on Tuesday 13th July.
She added that Harley’s reappointment was a “simple matter of career progression” but she could not confirm who would be filling the mortgage policy director role as yet.
The FSA is heavily into consultation periods with the industry about the Mortgage Market Review, though the next consultation paper which will cover distribution, is not due to be published until November 2010.
The FSA was unable to comment on who was responsible for the mortgage policy at the FSA until a replacement for Harley is confirmed.
Harley was unavailable for comment.
The Council of Mortgage Lenders and the Building Societies Association both declined to comment.
IFA and industry stalwart Alan Lakey said it smacked of “typical FSA” behaviour and suggested that they didn’t seem to think the role that important.
Lakey, a partner at IFA firm Highclere, said: “It seems to indicate a lack of focus, and suggests in the scheme of things it doesn’t matter.
"Given the FSA's remit of protecting the consumer and ensuring that regulation is fair and proportionate – this is a thing to behold."
And Lakey added: “It seems as though as soon as someone’s learned what they’re doing at the FSA, they’re moved.
"When there’s a lack of input that creates a vacum and a consequence of that is that things get by that shouldn’t, and things don’t get dealt with that should.
"It says to me that the FSa don’t think it’s that important. That being the case my question to them would be, if it’s not that important a role, then why are we paying someone two hundred grand a year to do it?”
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anon wrote:
No one in charge of Mortgage Policy at the FSA! It would be interesting to hear the FSA's view of a business if it didn't immediatly appoint a succesor to a similarly vital role, and left a vacuum in the management team. If it is merely "A clear case of career progression" then why did they not announce the changes to coincide with one another. Or maybe they just cant find anyone with the appropriate skills. So it will be interesting to see who they appoint and when they do it. Is this another case of "jobs for the boys/girls" and/or do as I say not as I do ?
29 July 2010 10:04:34 GMT
Kevin Friend wrote:
Is this not a case of "dead man walking". With the plans for the future of the FSA who would want the position, really, is it going to make any difference? The policy thus far seems to be applying retrospective legislation and admitting massive failures in the management of the mortgage sector resulting in thousands of mis-sold mortgages and irresponsible lending. The consumer continues to suffer.
29 July 2010 13:24:45 GMT
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