Walker said that the FCA will be keen to ensure that brokers meet standards expected from professionals working in the financial sector.
“Moving forward brokers could need to have criminal record and credit checks to ensure that they are a fit and proper person to fulfil their role. The industry needs to be prepared to be vetted.”
Walker also warned that the FCA will also be monitoring proc fees to ensure that product decisions are based on customer needs as opposed to broker profits.
She said: “The FCA are very keen to ensure that brokers aren’t incentivised by the lenders which could be to the customers detriment.
“The issue of incentives is very high on the FCA’s agenda.”
Walker was speaking at the NACFB annual Expo in Birmingham.