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FSA should focus on rogues, not red tape: Cummings
The Financial Services Authority (FSA) needs to refocus its activities, Chris Cummings told members of the Association of Mortgage Intermediaries (Ami) at the trade body's annual dinner.
Mortgage advisers and lenders gathered at Cafe Royal in London last night (11 June) were told by Cummings, the director general of Ami, that the FSA needed to concentrate on keeping rogues out of the industry rather piling on more red tape for hard hit intermediaries.
John Gummer MP, chairman of Ami, said it was crucially important the FSA recognised the world has fundamentally changed and it needs to make sure the industry can prosper.
Gummer said: "It needs to concentrate on the next 18 months to two years on ensuring lenders can lend and its regulation does not mean they need to hoard capital to meet the demands of the FSA."