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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

Gibson Dunn—London partner promotions

Gibson Dunn—London partner promotions

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Shakespeare Martineau—six appointments

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Myers & Co—Jess Latham

Residential conveyancing team expands with solicitor hire

NEWS
One in five in-house lawyers suffer ‘high’ or ‘severe’ work-related stress, according to a report by global legal body, the Association of Corporate Counsel (ACC)
The Legal Ombudsman’s (LeO’s) plea for a budget increase has been rejected by the Law Society and accepted only ‘with reluctance’ by conveyancers
Overcrowded prisons, mental health hospitals and immigration centres are failing to meet international and domestic human rights standards, the National Preventive Mechanism (NPM) has warned
Two speedier and more streamlined qualification routes have been launched for probate and conveyancing professionals
Workplace stress was a contributing factor in almost one in eight cases before the employment tribunal last year, indicating its endemic grip on the UK workplace
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