The Financial Services Authority has heralded an important decision to provide professional bodies, firms and trade associations formal confirmation from the regulator for the guidance they generate for the employees. The mortgage brokers with CeMAP qualifications also fall in this category. The director of strategy and risks at the FSA, Verena Ross told that the companies have guided their members with the regulatory matters. This new system which requires FSA confirmation will improve the principle-based regulation focusing on the main principles to be accomplished. This industrial guidance will help firms to comply with FSA principles and high-level rules to motivate innovation and flexibility. This will tailor the guidance to different divisions including training sector for CeMAP. A policy statement is also published which contains the details regarding receiving guidance confirmation.
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