Nearly a third of brokers unaware of FSA investigations
Mortgage Introducer (MI) exclusively revealed last week the FSA was to undertake a further report into the sectors after it found many firms could not provide information backing up their decision-making for clients.
Record-keeping has become a hot topic following the FSA’s findings. Concerns have arisen that brokers being unaware of the reviews shows necessary improvements may not be happening.
Tim Hague, director of BM Solutions, said: “The fact that almost 30 per cent of brokers are unaware of the FSA’s reports into non-conforming and self-cert is worrying and may be a reflection of the fact that they have a lot on their plates.”
FSA spokesperson Robin Gordon-Walker told MI that while it would target those original brokers it found to be at fault, it wanted to see a ‘distinct improvement’ throughout the industry.
However, the survey also revealed that, out of the 72 per cent who were aware of the FSA reviews, a quarter of them didn’t believe things were that bad.
Philip Stevenson, director at ARK Financial Planning, said accusations of mis-selling have been exaggerated. “The industry’s a lot cleaner and more compliant than that. I don’t believe it.”