Increased regulation should be 'met with caution' - buy to let mortgages

24 September 2008

In news that could affect those with buy to let mortgages, the Association of Mortgage Intermediaries (AMI) has warned against increased regulation for the industry.

Director general Chris Cummings spoke out at the Labour Party conference being held this week in Manchester.

He claimed that the chancellor's call for tighter regulation of financial markets should be met with caution from the mortgage sector.

"Any new regulation will come with cost implications for the end consumer and we urge the chancellor to exercise prudence when introducing the forthcoming Banking Reform Bill," he remarked.

Mr Cummings added that the first course of action should be an assessment of the effectiveness of current systems, as the focus of regulation has been "incorrectly attuned" over the past few years.

Meanwhile, regulator the Financial Services Authority has appointed two new senior advisors, Ian Marshall and Graeme Hardie.

Chief executive Hector Sants stated that the new recruits would bring a "wealth of knowledge" to the organisation.