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Dear [FIRSTNAME],
The enforcement issues are always worth a quick read so that readers can learn from the mistakes of other firms but this week’s issues are particularly important.
Top of page 3 (Final Notice) is a result of a Director failing to comply with Principles 2 and 7. We are all familiar with PBR as a strapline for the FSA but this is not a strapline but a great deal of detail as to how the FSA expects a file to look post-sale. A MUST READ for all firms that need to comply with COBS and ICOBS. The FSA is raising the bar for file discipline and this Final Notice defines the height of that bar.
Approved person proposals for home finance advisers, third article page 3, has been on the cards for a very long time and all IFAs will welcome the proposals but mortgage firms may hold a different view. In any event, mortgage firms need to read at least the one minute guide and preferably the full proposal and respond.
The impact of the FSA setting the standard for file discipline, combined with its more interventionist and intrusive approach, is quite profound for all intermediaries and if any firm requires advice or guidance, please remember your helpline 08456 12 12 11 for a without obligation conversation or email admin@ifact.co.uk.
Kind regards
John Derry-Collins
FInst SM AMITD Fcol MInstD MIoD
Director
IFAct Services Ltd
Tel. No. 08456 121 211
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