www.mortgagestrategy.co.uk NEWS
IN BRIEF
�TMW guide will help
brokers use its website
The Mortgage Works has
launched a guide to help
brokers using its website
and trading platform for
the first time.
�Assurant added to
Paradigm GI panel
Assurant Intermediary
has been added to
Paradigm Mortgage
Services’ general
insurance panel.
Members can now offer
Assurant’s GI range,
which includes ASU
cover with MPPI, PPI and
income protection.
REGULATION REGULATION
Multiple reform plans
may cause confusion
● NATALIE MARTIN, ONLINE EDITOR
The Council of Mortgage Lenders is
warning that separate debates over
the future shape of mortgage regu -
lation in the UK and Europe risk
causing confusion.
Proposals by the Financial Services
Authority and the European
Commission are being developed in
tandem.
The FSA is working on a dis -
cussion paper to be published in
Sep tember that will set out proposals
for UK mortgage regulation.
And last month, the EC published
a high-level communication in -
cluding a comprehensive plan to
clean up financial markets.
In its newsletter the CML states:
“We will continue to campaign for
complementary proposals in the UK
and Europe but the challenge will
be considerable. There is a risk of
confusion and regulatory overload
if there is conflicting intervention
in the UK and Europe.”
The Finance and Leasing Ass -
ociation has also hit out at the
Office of Fair Trading’s plans to
review the consumer credit sector.
A number of reviews are being
carried out into the sector, inclu -
ding the Depart ment for Business,
Enterprise & Regulatory Reform’s
White Paper on consumer law.
Stephen Sklaroff, director-gener -
al of the FLA, says: “Overlapping
reviews could divert att ention from
helping con sum ers.”
Two banned in
FSA crackdown
● NATALIE MARTIN, ONLINE EDITOR
The Financial Services Authority’s
wave of enforcement action against
brokers shows no sign of abating,
with the regulator banning two
more last week.
The latest brokers to feel the
regulator’s wrath are Peter Dean
and James Dean, directors of UK
Finance House.
Peter Dean, based in the firm’s
Poole office, failed to take rea -
sonable steps to prevent false in -
formation being provided to lenders
and stop the company being used to
further financial crime.
Georgina Philippou, head of re -
tail enforcement at the FSA, says:
“As part of our crackdown on crime
we have banned a number of mort -
gage brokers in the past year and
will con tinue to make examples.”
MORTGAGE STRATEGY April 13, 2009 9
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