Our rulers may be listening, after all

GUY GARRARD, HEAD OF BUSINESS DEVELOPMENT, TIUTA
GUY GARRARD, HEAD OF BUSINESS DEVELOPMENT, TIUTA

Maybe, just maybe, we have turned a corner in terms of industry voices being heard in high places.

In its Mortgage Market Review feedback statement the Financial Services Authority acknowledged that it is conscious of the potential impact of the unprecedented level and pace of regulatory change on firms and consumers.

This is in no small measure due to the feedback it received from industry bodies and individuals.

Meanwhile, the Treasury has decided to rethink its proposed regulation of the buy-to-let market.

The Treasury report states that the government will look at ways to ensure the impact of regulation on the sector is proportionate, particularly for individual professional landlords.

It says that lenders and housing professionals have expressed concern that the form of regulation originally proposed could impose an unnecessary burden on the private rented sector.

These representatives and a number of consumer groups also argued that the proposed form of governance may need refining to protect consumers effectively.

While this doesn’t mean regulation will not happen, at least the industry’s concerns are being taken into account.

For regulation not to stifle this fragile sector rules will have to be clear and make sense. The effect on brokers and providers could be devastating if rash moves are made so let’s hope for calm and clarity.

By not rushing in regulation the Treasury is at least showing that it may be on the right track.