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Interesting times

17 April 2008 / Diane Saunders
Issue: 7317 / Categories: Features , Regulatory , Banking , Commercial
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How is the Financial Services Authority doing as a mortgage regulator? Diane Saunders reports

The Financial Services Authority (FSA) has regulated mortgages since October 2005. Since then we have contacted the FSA to clarify rules or to check how we should proceed. Staff do their best to help, but often can't because they cannot give us exact guidance, while warning us that if we misinterpret the rules we will be liable to censure.

We are now charged to “treat customers fairly”. Well, we thought we did, but only 22% of mortgage intermediaries met the first deadline of March 2007, when they had to demonstrate they were applying the Treating Customers Fairly principles in a substantial part of their business. The final deadline has now been extended until December 2008.

The regulatory advice “industry” has grown because it is becoming more difficult for advisers to read the many directives and dictats issued and incorporate them into our working lives. The introduction of “principles-based” regulation does not seem to make much difference.

The FSA regulates everything

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MOVERS & SHAKERS

Kingsley Napley—Claire Green

Kingsley Napley—Claire Green

Firm announces appointment of chief legal officer

Weightmans—Emma Eccles & Mark Woodall

Weightmans—Emma Eccles & Mark Woodall

Firm bolsters Manchester insurance practice with double partner appointment

Gilson Gray—Linda Pope

Gilson Gray—Linda Pope

Partner joins family law team inLondon

NEWS
The landmark Supreme Court’s decision in Johnson v FirstRand Bank Ltd—along with Rukhadze v Recovery Partners—redefine fiduciary duties in commercial fraud. Writing in NLJ this week, Mary Young of Kingsley Napley analyses the implications of the rulings
Barristers Ben Keith of 5 St Andrew’s Hill and Rhys Davies of Temple Garden Chambers use the arrest of Simon Leviev—the so-called Tinder Swindler—to explore the realities of Interpol red notices, in this week's NLJ
Mazur v Charles Russell Speechlys [2025] has upended assumptions about who may conduct litigation, warn Kevin Latham and Fraser Barnstaple of Kings Chambers in this week's NLJ. But is it as catastrophic as first feared?
Lord Sales has been appointed to become the Deputy President of the Supreme Court after Lord Hodge retires at the end of the year
Transferring anti-money laundering (AML) and counter-terrorism financing supervision to the Financial Conduct Authority (FCA) could create extra paperwork and increase costs for clients, lawyers have warned 
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