Fastcom warns brokers
As one of the few packagers to have received their Grant of Permission notice, FastCom is well placed to ensure their brokers will still be able to access lenders should the FSA decide unequivocally that all packagers need to be regulated.
Paul Brett, FastCom’s Managing Director said ‘ We have always taken the view that the FSA would finally realise that packagers play too central a part in the mortgage process to be left out of the regulatory mix. Having brokers and lenders, both of whom about to be regulated, working through a packager which is not, does not seem to be particularly consistent.’
He added ‘Brokers need to make sure that their packaging source is going to be able to give them access to their lenders of choice after M Day. Until the FSA makes a totally transparent announcement, brokers would be advised to make sure that their packager is staying ahead of developments.