1. Right, so who do you fancy off the telly?
Nobody – my father in law will be reading this! I only have eyes for my wife...
2. OK then, so when did you start working as a compliance expert and where were you before that?
I started up Jackson Cohen in 2004, specialising in supporting lenders rather than intermediaries as nobody seemed to be doing that at the time. Before that I was at Standard Life, as a national field project manager – which covers a multitude of sins, one of which was compliance!
3. What did you want to be when you were a kid?
A train driver of course! Then a milkman for a bit, we lived opposite the dairy so I used to help the milkman on his rounds for pocket money, he even let me drive the van a few times... so yeah, I wanted to be a milkman for a while, but I was only ten at the time...
4. What would you be doing now if you weren’t working in compliance?
Retired? No, seriously, I love woodwork so working in some sort of carpentry would be wonderful. I’ve done a bit here and there already, made a few wardrobes. I like doing it, it’s creative and satisfying. I made a wooden bowl once at school, I was very proud of that...
5. What’s the best and worst thing about your job?
The best thing is all the different people I get to meet and help.
B&C: Anyone in particular...?
Ha! Well they would be too dangerous to list! But I get to work with all sorts of different people in the industry and I love that, you bump into all sorts doing what I do...
The worst thing is regulation. Strange for a compliance person I know! But some regulatory requirements increase the cost to the consumer without any extra benefit to them. After all, you can’t regulate out the crooks. People who want to fiddle money out of the gullible don't worry about the rules, ask any convict! I think the FSA overreacted to the credit crunch and in some areas are trying to use a sledgehammer to crack a nut. The risk from a small specialised lender is not the same as the banks gambling millions on markets and securities that they didn't understand.
6. What trends have you noticed within the bridging industry over the last 12 months?
Though it’s been a difficult start to the year, there has been a return to lending and, I think, a return to high quality regulated loans – traditional bridging loans, people using a bridge to move house – we hadn’t seen these for a while but they’re coming back and much better quality lending is returning...
7. What trends do you predict within the industry over the next 12 months?
I think new entrants will come into the market. People with money are looking at bridging as a way to invest. So there will be a competitive strain on the market, pushing the boundaries – similar to what we’ve had before but I think the reaction will be different.
New entrants are both good and bad. Too much money and there’s too much pressure to lend. A few years ago when Quickbridge entered the market offering a very high LTV – higher than anyone else – everyone thought they wouldn’t survive but they did (for a while anyway) and that pushed up LTV rates everywhere. But I don’t think that will happen again. I’m sure this time round lenders will be more cautious... they’ll remember what happened before, plus the refinancing exits are not so freely available. There may be a pressure on margins though if they try to compete on rates.
There will also be more regulatory changes, more firms will need to be FSA regulated, especially second charge lenders. Some will find this a challenge as the FSA have significantly upped the ante on getting authorised.
8. What’s your favourite film and if your life was a TV show what would it be?
I don’t have an all time favourite film, but I watched It’s a Wonderful Afterlife recently and really enjoyed it. But maybe my opinion’s tainted because I was an extra in one of the scenes!
As for telly... I don’t watch much of it but it would have to be Everyone Loves Raymond of course, I’ve never seen it but what else could I say!
9. What’s your favourite book and why?
I love the writings of Leon Uris, a historical fiction writer. I particularly like Trinity as it gives a really good insight into the history of Ireland. He’s got other great novels such as Exodus and Battle Cry, but Trinity always seems to be in the back of my mind for some reason...I don’t have much time for reading now so it I tends to be the more escapist easy read novels whilst on holiday.
10. If you could have a super power for one day what would it be and why?
I’d have the power to control people’s minds so I could create peace and happiness throughout the world. There may be some additional side benefits of course...!
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