Mortgage industry boss explains Treasury proposals

30 November 2009

Written by David Whittaker

The key aim for the Treasury in giving the Financial Services Authority more power to regulate the mortgage industry is to increase protection for borrowers, according to Association of Mortgage Intermediaries' (AMI) director Robert Sinclair.

Further regulation will help contribute to "a more consistent regime that will allow things to be compared on a more level playing field", he explained.

Mr Sinclair added that the proposal, which was announced last week, may help people better compare the costs of the different types of borrowing available to them.

"This will help people understand about what the different kinds of borrowing are," the AMI director continued.

Exchequer secretary of the Treasury Sarah McCarthy-Fry said last week that the proposals come after the global economic crisis has raised a number of issues regarding the regulation of mortgage market around the world.

She claimed that the government is "determined" to change the system, so that consumers receive better protection and the overall housing market becomes more stable.

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