Chris Cummings, director general of the Association of Mortgage Intermediaries has urged the chancellor Alistair Darling to be cautious over his plans for the Banking Reform Bill and increased mortgage regulation.
Speaking from the Labour Party conference in Manchester, Cummings, says: “Any call for increased powers of regulation should be met with caution. In the first instance there needs to be a review of the effectiveness of the current regulatory structure, as the focus of regulation in the last few years has obviously been incorrectly attuned.
“If new regulatory powers are needed, it is too soon to tell – but we need to tell soon.
“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.”