During CeMAP training, delegates learn about the role of the Financial Services Authority (FSA) in the financial services industry. The FSA is the regulator of the mortgage advice market and so all CeMAP-qualified mortgage advisors must comply with FSA guidelines or they can be banned from practice.
Last week, the FSA appointed a new member of its board, Jon Pain, in the capacity of Managing Director of Retail Markets.
The announcement was made by Kitty Ussher MP, the Economic Secretary to the Treasury. Ms Ussher said:
“I welcome the appointment of Jon Pain as Managing Director and am pleased to appoint him to the FSA Board in that capacity. His knowledge of retail markets will prove invaluable to the FSA.”
Under the Financial Services and Markets Act 2000, the FSA has four objectives: to maintain market confidence; to promote public understanding of the financial market system; to secure the correct degree of protection for consumers; and to fight financial crime.
Regular readers of our CeMAP articles will be up to date with recent happenings with the FSA and will have seen several mortgage advisors banned for cases of mortgage fraud, highlighted by the recent changes in the economy.