Negotiation, Negotiation, Negotiation

UK Property Investment news and comments from Mark Harrison of YourPropertyExpert.com

I’m now FSA registered – here’s why!

Posted by markharrison on June 17, 2007

Over the last year, I’ve had a few discussions with the FSA about what I may, and may not, say in the course of this blog, yourpropertyexpert.com, and what I say on the various training and information products I have.

The general view was that, provided I talked about investment property and didn’t stray into residential, there was no obligation for me to register with them, since investment property is non-regulated.

However, there were various restrictions imposed by “perimeter guidance” on what I could and couldn’t say as a public speaker about financing properties, since there was an implied danger that people might interpret what I was saying as about their PPRs (which is a regulated market.)

However,  since I joined the board of MyThingE.com, that has changed. Insurance intermediation (ie – where we don’t issue policies like a broker does, but do introduce people to insurers) is a funny area. We, as a board, took the view that we SHOULD register with the FSA, both as a company and each of the Directors as individuals. This wasn’t an easy decision, not least because we (as investors in the business) had to put up £20,000 between us to do it!

But we took the view that we need to hold ourselves to the highest standards, so I can now point you at my entry on the FSA register.

IMPORTANT : While I’ve been through training on insurance intermediation, I’m NOT in any way able (or willing!) to give mortgage advice.

As I’ve been through the registration process, and the training, I’ve decided that I wish that investment property WERE regulated. I see so many poor-quality “courses” offered, trying to teach people “how to get rich” by self-styled gurus, that I really wish we were in an industry where there were actually qualifications and licences.

Ouch – whatever happened to the free-market-maven Mark?

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