Well,

In one sense thats all we need, however most of the great British Public have never heard of the FSA, its website or what it does, let alone be infuenced by an advertising campaign to encourage them to do so.

As you can see I’m the eternal optomist, but I do contact my existing client bank regularly so my customers know what to do without any influence from the FSA.

And when they do find criminal fraud, they ignore it. One firm was reported to them for £10 million of criminal fraud by it’s own compliance director (me). It took them 3 months to visit the firm by which time all documents had been shredded. The result? A £50,000 fine for the firm for inadequate/missing records, and nothing else! I was redundant the day I reported! Pathetic. Even after it was on Panorama they took no action.

Does anyone actually know what the FSA do? And I agree with Robin above about the public never having heard of them. The FSA take your money and make you do a report every half year that nobody understands so I suppose its understandable why they want to throw £2 million into a fund that will upset everybody. We are a removal company so does that mean our fees contribution won’t go into that fund? What about insurance companies? Are the FSA holding different pots of money from all these different industries that have no choice but to pay them so that when they come up with these schemes they only take the money from the appropriate pot?

The FSA has proven itself to be totally incompetent. It costs millions yet generates NOTHING! It has crippled the once great Financial Services industry. It has created a monster in compliance officers all over the land who are frightened to death of them and creates NEW ideas which are ill thought out (e.g TCF) what a waste of time! and to top it all it allowed Northern Rock to fall, it only allocated NR 3 people to monitor it and basically had no idea of what NR was doing. Also it allowed the banks to lend money to the American “sub prime” market and did not understand what the banks were doing. When I joined the industry 28 years ago there were over 250,000 financial advisers and there were hundreds of companies advising people to take out pensions, savings and life insurances. Now there is less than 40,000 and millions of people are getting NO advice whatsoever! It makes my blood boil. Lastly how could the FSA allow Gordon Brown to have raided the pension funds of billions to the extent that he has robbed people of their pensions and companies have had to close their Final Salary schemes. I could go on about selling our gold reserves. But this note will go on for too long. Basically the FSA is a complete waste of time and money being the over compliant, misdirected monolithic organisation and really has no idea of what we mortgage brokers have to do on a daily basis to make a living. Grrrrrr!

I am overwhelmed and proud with this response, come on ladies and gents keep these comments coming, we can make a difference, the people in the ivory tower are watching this blog - so let it rip, we are only being honest and open after all…

Folks lets face it the FSA doesn’t care nor understand the mortgage industry and and doesn’t care about you or me - FSA employees fall into three camps-
1 Career civil servants who carry no responsibility for their cock ups past their current positions whilst all the time looking forward to a state funded (by you and me) pension - The only real way to deal with incompetence within this quango is to promote it and give it a “gong”!
2. Transient graduates who can’t get a decent offer anywhere else
3. Workers who disappear under red tape
They of course all believe that they do a fantastic job under tremendous pressure - deluded? yes - incompetent? yes - smug? you bet ya !

The FSA is a complete an utter waste of money
Its red tape gone mad!
Why did they allow companies to offer people mortgages that they could obviously could not afford ?
Also Northern Rock and prior to that Equitable Life

They know absolutley nothing apart from working from some
ivory tower in London processing information that is pointless and basically just adding another TAX to business

SHUT THE FSA DOWN AS SOON AS POSSIBLE

Regards
Kevin Hill

The FSA ought still be a valuable part of our industry if they thought a little harder about how to support quality brokers properly. Perhaps if they listened to some of them about the kind of support that is required to boost what is, in many ways, an ailing industry, and if heads were put together from all sides of the industry, a united front could be found where clients actually understood how useful a mortgage and protection broker can be. Who knows, we might once again become the natural choice for mortgage advice, instead of the internet…. IFA’s have their place as well, in fact many mortgage brokers are IFA’s (in the real sense of the word, not just in terms of whether they charge fees or not….another FSA recently caused misnomer), and again, we should all be working together.

Instead however, they appear to be proceding to put red tape in the way of brokers and red herrings in the way of clients so that the industry is becoming less clear. This is a real shame after M-Day, when the FSA did actually seem to have some sensible ideas on how to move the industry forward.

Their (our) fees should be spent very simply - get rid of any Bad Advisers altogether (IFA, Mortgage, or otherwise), and then help the UK Public to WANT to come to the remaining quality individuals and firms who exist. Anything else is just muddying waters and removing value from the services we provide and industry we are fighting for everyday.

I am happy to see the general feeling is that the FSA are letting us all down badly. Come out from your ivory towers and see that you are not treating US fairly and YOU are lucky that you cannot be voted out. Your levels of incompetence increase every year and your grasp of the financial services industry is becoming increasingly tenuous. Northern Rock anyone? It was blindingly obvious that had a poor long-term proposition. Equitable Life? What a mess the FSA have made there too.

For gods sake, let us do our jobs. The vast vast majority of brokers work unbelievably hard in hyper-competitive market conditions. The FSA do what most public sector companies do. Laze around doing little to actually help consumers and create more and more confusion and distrust of advisers.

We are proud to offer free mortgage advice to our clients, who choose to come with us. You charge us a fortune every year for being part of a stupid organisation that has lost touch with its customers. Sorry for the rant but just a last note to the FSA. YOU ARE A DISGRACE.

Come on guys- make a stand against these imbeciles. The more support we get the better.

Andrew Oliver & Co Ltd

Who regulates the regulator.
The checker needs checking.
Its seems that the FSA is not accountable for how it spends our money.
Read todays money marketing about mortgage fraud then ask the question is regulation working?

Thank heavens I am not the only one who thinks the F.S.A. HAS LOST THE PLOT.!!!!!! I have been in the Bank and mortgage and finance business for 46 years now [I am 64 years old GRUMPY OLD MAN] It is hard to believe any industry will accept such a load of incompetence from educated people . I for one will take any action needed to show this government how these clowns are wasting our money and our reputations. I have been an HONEST BROKER for all these years and I do not need to be taught by fools how to deal with the public. Maxi [TRUE INDEPENDENT and proud of it]

If you actually use these tables you will find that they tell the consumer were the best deals are so they don’t need an advisor of any description, they can just go direct to te lender.
I have been against this for many years as this is not a new thing, I found it when I was told to put a link on my KeyFacts page on my site to the FSA I soon found that the page I ended up on within the FSA site had access to these best buy tables and as I was not in the business to show my clients the door I refused to put the link on my site.
What exactly is this organisation? A regulator or a competitor, as if it is the latter it seems strange that we have to fund them, don’t you think?

Hey Trumpo, I hope you are right in that the FSA do read this blog, because just reading the passion and anger in some of the inserts shows that we PROFESSIONALS are fed up, and that the FSA needs to wake up and SMELL THE COFFEE! We do NOT need more red tape, interference or misguided advice to our clients. We need support. We are the true independents who offer our clients true “best” most “Suitable Advice” we have having taken all the relevant exams, qualifications, have taken out Professional indemnity insurance,Data Protection Registration, Consumer Credit Licence etc etc. We are monitored on every piece of paper, last week I saw clients and had to get their signatures 26 TIMES, there was so much documentation!! Guess where the requirement for that lot come from. … the FSA!!! They simply have no idea. What happened to the promise of LESS red tape!! Less bureaucracy ?
I am fast losing the will and strength to continue in this industry and thats 28 years of my life, thousands of satisfied clients and NOT 1 single complaint? Could the FSA say the same????
Time it was replaced with a more business sensitive profile and had REAL brokers on its board who can look out for the reality of life in this business. Has the FSA got any Brokers or EX brokers on its board??
I am so angry ……..

Ladies and Gents; I have just returned from a meeting to find passionate and factual comment - Thank you.

573 person research ? - within 5 hours we have received 700 visits on this subject alone, and at no cost - I wonder how much the research of the 573 cost; Tens of thousands of pounds of our fees I bet.

It would be interesting if the FSA asked for professional feed back for once ??

ENOUGH ! This is out of Control – I’m off !

I have nothing against making this industry more Professional (that is how it was sold to us back Oct 2004) But when the regulator clearly does not understand the business they are regulating I think we have a problem.

The introduced measures, endless admin, reporting and “guidelines” that do nothing to actually guide anyone in anything as they are so written in “Legalese” that you can’t understand them are doing nothing except to promote the ability for the Public to formulate a myriad of complaints based upon whatever spurious grounds against Advisors/Networks alike. The FoS needs to get out more and get a life, they clearly have no idea on how real life works and have no experience in the fine art of dealing with the Public ever in their lives, I firmly think the FoS are under the misguided impression that all the Public tell the truth ? - Perhaps things are different in Australia (which seems to be where most of them hail from).

In my opinion the FSA have completely missed the point, they are not regulating, they are encouraging a very educated group of people who are always looking for a way to blame other people for their own misgivings and sue them for whatever they can get – The Public very ably supported by Solicitors looking for the next “Accident” claim opportunity.

The rising mortgage interest rate caused by the Credit Crunch is not the main culprit causing the rise in repossessions in the UK – it is the level of unsecured debt on Credit Cards, Cars, Boats and God knows what. I dare say that if a Family in trouble were to disregard their unsecured debts from their monthly income they would be able to maintain their mortgage payments – but still Mortgage Advisors are blamed ?

I have just had the FoS uphold a claim against my Firm because we did not call the Client back after 4 years ! The Client could not prove that we hadn’t called them and agreed that the Advisor even told them he was leaving. Be careful next time you say “See you later” - if you don’t - you might get sued !

After 10 years and thousands of mortgages and happy Clients I have made the decision to withdraw from the market and will terminate my Company and association from the FSA. Not because I feel there is no future for the business but because the “Ambulance Chasers” are queuing up and the Mortgage Brokers are directly in their firing line, with a Regulator that is just rubbing their hands together in glee. Even if every case bought against you was won the time and administration involved defending these unjustified Claims render the risk/reward unviable.

I wish you all who remain the very best of luck - truly.

A VERY SAD JD from IMAS, Poole.

Well, we don’t have anything to worry about except the sheer waste of our money.

I have just run a FTB search to see what my clients might find. Conclusions:

1: The site asks a FTB:
Q7. Over how many years do you want to repay the mortgage? People often assume the ’standard’ term is 25 years, but it can be for a shorter or longer than this.

For FTBs in their 20s I discuss going for a 30 years term rather than the interest only that their friends encourage. The FSA sems to thinh a FTB can borrow for less than 25!!!

8. Do you want to see monthly payments for a repayment mortgage or an interest-only mortgage? For more information click on the ‘Help’ button.

Rather links to Q7 above.

What professional - other than the FSA - would talk to a FTB about interest only?

2: Failure to show true value for money.

The web is full of sites with mortgage rates - but what about true value for money taking all fees and charges into account?

The FSA list is no better than any other and does not really help in sensible mortgage selection.

3: Total confusion.

FTBs come to me often after searching the internet and getting thoroughly confused. The FSA site does not offer clarity - just more confusion.

Clearly the FSA does not understand what a client meeting is really all about. After a long career in marketing before coming to Financial Services 20 years ago I know how important it is to “Know you business” before doing the research. That is, if you want answers that are useful.

In conclusion:
– this does not scare me in business terms as it will just confuse my clients even further and send them to me; but I will have an even more challenging time rescuing and re-assuring them.
– I don’t need the FSA to try to be my competitor
– I fear that the FSA will also scare many people off buying (or at least delay them); in a recent workshop I ran for young professionals I found that many were not buying because they did not understand how to go about it and get the right product. Confused and shying away from the decision.
– The FSA has no right to waste our money. If we had an enquiry I expect that they would be found to be failing both us and the consumer.

I hope the FSA is reading the comments but, even if they are, they seem to be unable to believe that they don’t really understand our market place and already have a highly professional adviser community that they carefully regulate . . . but one they do not seem to trust or be prepared to support.

I agree they have a good role in consumer education - - - but not one in the adviser area.

Ladies and Gents

I have been with a large and highly professional business today, one that is turning over many millions of pounds; and to say he is extremely miffed with the regulator and the current situation is an understatement.

I am so pleased that these comments are being finally aired and I feel we now have real momentum, I for one, as you may sense if you get to read some of my previous Blog entries, feel a great injustice has occurred and I will be championing our cause - that of the professional adviser.

If you can, please get your colleagues to add comment, it would be greatly appreciated - the more we shout the more we will be heard.

Im glad im not alone !! I thought I was the only one that felt this way.

Your tired Trumpo.

I think that grotgame has it on the money - the FSA “job for the boys” comes to mind !!!

John Doddrell - sorry to here you have had enough, I feel the same but I have 20 years invested and a young family, so unfortunately have no option but to fight on - I wish you well, but dont let them get you down !!!

Going back to basics I was under the impression that the FSA was set up as an industry ‘Regulator’ not as a ‘Consumer Advice’ body.
Having messed up big time, with Equitable Life and Northern Rock just being the most obvious tips of the iceberg, they are now rushing around like headless chickens trying to find something to take the spotlight off their incompetence. Spending our money to do it! As someone has already said, what other industry is required to fund FREE advice to the consumer along the lines of ‘use all possible avenues elsewhere’ before, as a last resort, suggesting they go to an IFA. Not even a mention of the focused professional the ‘Mortgage Broker’.
I believe that this is actually a long term ‘job retention exercise’, trying to justify their current existence whilst expanding their remit. This is a basic bureaucratic tactic, because these people are paid their comfortable salaries and ‘Final Salary’ pensions, out of our fees, on the basis of how many people report to them. I would have said on how many people they ‘manage’ but that would have been a misuse of the word.
Moving on am I correct in my recollection that a House of Commons select committee recently dubbed the FSA as ‘Unfit For Purpose’? That seems spot on to me! But what is being done about it?
However looking at the bigger picture, what is most worrying is that it is painfully apparent that the FSA does not understand the workings of most of the sectors of the Finance Industry that they were set up to regulate. They certainly do not understand that most areas of Finance depend very heavily on the public having trust and confidence in the people and institutions with which they conduct their financial affairs. They also do not understand that Financial Institutions need to have the trust of their peers. Without this confidence business becomes almost impossible and we have an overnight freeze of the Inter-Bank lending market.
The FSA needs to be totally revamped. Ditch the Politically Correct attitude of trying to play to the public gallery and get on with the BASICS of regulation. This will, of necessity, require that the civil service ‘jobsworths’ will need to go and a few knowledgeable industry professionals be brought in. Most of the admin. and reporting could be drastically reduced and the expensive offices in Canary Wharf dumped. Oopps!! That would mean that the FSA would loose face, stature and credibility with the Finance Industry. Something that would suddenly become relevant to itself, if not to the industry it regulates!

I’m really pleased to add my thoughts to those of you who have already posted comments above and feel less lonely realising that I’m not the only one to have such views of the shambles that is the FSA.

Roger, a little humour always eases the pain, unfortunately due to raising fuel bills, the lights are being swtiched off by the Govt right now!