Special Official Note For Mortgage Brokers

HelpWhereIcan

Joe_Bloggs wrote:

Who pays for what the FSA do ?
J_B.

Advisers, Networks, Banks, Insurers etc who pay their annual FSA levies.

payless

Joe_Bloggs wrote:

The FSA affects us all. Who influences the FSA ?
J_B.

the consumer panel (http://www.fs-cp.org.uk/ - I actually applied to join this panel, but did not get an interview) & government, although certain groups also lobby

payless

Joe_Bloggs wrote:

Who pays for what the FSA do ?
J_B.

advisers pay certain fees - one of which is an FSA fee , those of use who are directly regulated pay a fee based on type of areas we advise in ( mortgages, insurance , investments) , plus a fee based on turnover ,with a minimum fee for the firm - investment advisers also pay a individual levy , wheres those taht work for a firm or are appointed reps may pay it to their "host" in different ways

payless

homersimpson wrote:

if there is so much disagreement why can't/doesn't mse just write to financial services authority and ask for the 'official' line as what you should all exactly being doing? all they need to say we have a website which aims to help people save money, some of people who post on forum are brokers/financial advisors, what they should put in their signature in chat rooms? is that too simple? doesn't mse want fsa looking at site etc?

I know that the previous "regulator" was well aware of the MSE boards... sure the FSA are also , Mystery shopping is one of the FSA tools- who's to say they have not done it here ( another warning to those that might tout/ PM)

Joe_Bloggs

I thought the FSA was a company that had directors a Chairman and a Chief executive. Do they publish accounts ? I bet large financial institutions pay a lot more than individual brokers.
Is there a consultation process into what FSA rules consist of ?
J_B.

payless

OK so for the signature:

How about something short and sweet like mine, Andy's, MM's, HWIC (maybe a little shorter) or Payless?

took my comment as to being an adviser away a long time ago.. although did think that the "home at risk" was still a worthwhile part .

As for hompages/ email addresses .. personally I can't see an issue as many "MSE users have a homepage link in profile" - would be surprsied in many people take trouble to look for link .( ie nor referred to in profile) ... but see no major issue if they also were stopped.

MortgageMamma

Perhaps a little off thread so maybe the advisers on here might want to PM me your comments/thoughts...

I'm currently deciding between being DA and AR for my new company which launches early next year. A close IFA friend of mine is DA and swears by it, to avoid the interference of networks and maximise profits. What I'm trying to work out is, would I be at a loss being DA as I would lose all the "exclusives" to certain networks, and also I would have to write xxxx amount of business to justify the DA FSA fee's and payment to my compliance advisor (currently £20 an hour) - if any of you have been in both situations - being a junior compared to you guys I would appreciate any feedback.

MM

payless

AndrewSmith wrote:

No as it is not advice given and endorsed by a member employed or acting on behalf of Martin Lewis or MSE. This is an open public forum and, as such, the poster is liable for the content of their own posts.

Think about it, if they were liable for the information posted any nutcase could say anything and Martin could be liable for it.

remember Martin's Ltd co (& therefore this site ?) is also FSA regtstered

payless

HelpWhereIcan wrote:

, therefore they would want him and the site to be regulated (a la Moneysupermarket) and I am not sure that Martin would like that.

.

have you seen the forum on moneysupermarket? - balant touting !!

payless

MortgageMamma wrote:

Perhaps a little off thread so maybe the advisers on here might want to PM me your comments/thoughts...

I'm currently deciding between being DA and AR for my new company which launches early next year. A close IFA friend of mine is DA and swears by it, to avoid the interference of networks and maximise profits. What I'm trying to work out is, would I be at a loss being DA as I would lose all the "exclusives" to certain networks, and also I would have to write xxxx amount of business to justify the DA FSA fee's and payment to my compliance advisor (currently £20 an hour) - if any of you have been in both situations - being a junior compared to you guys I would appreciate any feedback.

MM

interesting debate.perhaps worth a thread of its own ... . have you looked at http://www.cherryplc.co.uk/