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Robert Sinclair director Association of Mortgage Intermediaries
For many years I worked with a team of senior managers who were responsible for reviewing the internal workings of a bank. The watchwords of my wiser colleagues were to be careful what you wish for. Well, for years a host of advisers have been calling for the Financial Services Authority to be abolished - their wish has finally come true.
In place of the FSA we will have the Consumer Protection and Markets Authority. This is to be established because we saw a rapid and unsustainable increase in debt, and when the crunch came nobody knew who was in charge. It will take on the FSA's responsibilities for consumer protection and regulation.