JOBS AIRASIA

FISA also conducts training courses every month or so. These cover the legislative requirements of being involved in the Second Charge sector. In the future the organisation plans to have three levels of 'qualification', these will be Foundation, Associate and Member, but it is waiting on developments in the O.F.T and F.S.A before it does this. One supposes whether this happens will also be influenced by the level of regulation that those two bodies impose on the Secured Loans sector.

Information Commissioners Office (ICO)

The Information Commissioners Office (ICO) enforces the requirements of the Data Protection Act (1998). Given that all businesses in the secured loans sector will at some time hold information about individuals they must be registered as a Data Controller with the ICO. In summary, the Data Protection Act ensures that all data kept on an individual (including employees) is accurate, fairly and lawfully processed, adequate relevant and not excessive, used for limited purposes, not sent overseas and is kept securely.

1. Other Regulatory Bodies and Secured Loans
2. Although the following organisations do not have a direct power or control over the secured loans market it is worthwhile mentioning them, not only for reasons of clarity, but also, as it is possible there will be changes in legislation, these organisations may later have more influence over the secured loans sector.
3. The Consumer Credit Trade Association (CCTA) is another independent body, but differs from FISA in that it deals with the whole Consumer Credit market. It also offers training courses, publishes regular newsletters and actively lobbies the Government about consumer credit related issues. In a world where we assume taking out credit is a relatively new phenomenon it is useful to note that the CCTA was founded well over a hundred years ago in 1891.

The Intermediary Mortgage Lenders Association (IMLA) is an independent body that represents the views and interests of institutions in the generation of mortgage business through Intermediaries.

The Council of Mortgage Lenders (CML) is yet another self-governed body operating in the Mortgage Industry. In a similar fashion to the CCTA it is also involved with government with legislative issues, issues policy guidelines. It is also renowned for produces statistics about the UK lending market covering, amongst other things, arrears and repossessions, the number of mortgages being taken out and specifics like the number of buy to let mortgages being taken out.

To finish this section, there is one more independent organisation called the Association of Mortgage Intermediaries (AMI) who acts as the trade body for mortgage intermediaries.

Conclusion