The Financial Services Authority is set in 2008 to grill all 3,800 mortgage brokers in a bid to speed up the take-up of its Treating Customers Fairly initiative.
The regulator is also looking to focus on failing firms that need the most attention and debunk the myth that smaller firms are below the FSA’s radar.
Across the financial services spectrum, the FSA will be conducting mini-assessments with a whopping 18,000 advisers. Out of these, it says 25% of these mini-assessments will be followed up by a full assessment.
Mandy Spink, head of mortgage and credit unions at the FSA, says: “As everyone knows, the March 2007 deadline didn’t do particularly well. Only 41% of advisers implemented TCF and this was actually only 22% when you looked at mortgage firms.
“This strategy is about increasing the amount of contact with small firms, helping brokers embed TCF and focus on those that need regulatory attention.”
The FSA will be undertaking a major recruitment drive to bolster staff levels so it can undertake the TCF review.
Spink adds: "This is also a way of myth busting that firms are not under our radar. We would like to be in a position in giving as much help as possible to those engaging with us so we can focus as much as our resources on those that are not
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