CML applauds FSA for mortgage decision

Date:Monday 6th December 2010
Author: Max Freedman

The Financial Services Authority (FSA) has been praised by the Council of Mortgage Lenders (CML) for its decision to defer the approved persons regime.

Michael Coogan, director general of the CML, noted that most firms would prefer to be given a significant amount of time to prepare for this type of change.

He described the FSA's strategy as "pragmatic" and said he was pleased that it had chosen to adopt this approach.

"With improved professionalism and a range of mortgage issues out to consultation, it is sensible to make changes affecting individual sellers all at the same time," said Mr Coogan.

The FSA defines an approved person as someone who has been analysed and permitted to carry out certain functions on behalf of a company.

Among the duties that such a staff member needs to be familiar with are the FSA's regulations and requirements, as well as complying with several codes of conduct stipulated by the industry regulator.