AMI suspicious about professor&#39s motives

The Association of Mortgage Intermediaries has accused Professor Miles of tailoring his report recommendations to the FSA&#39s remit in the knowledge that he was soon to join the regulator&#39s board.

Miles joined the FSA board last week as a non-executive director but the appointment was made before his report was completed and delivered to the Treasury last month.

AMI director Chris Cummings, speaking last week at a round table organised by Zurich Mortgage Network, told delegates: “This may sound cynical but Professor Miles&#39 findings fit amazingly well with the remit of the organisation he is about to join.”

And Cummings tells Mortgage Strategy: “Too many people in the industry have not joined the dots about Professor Miles&#39 report. He is a shrewd individual and it is no coincidence that he should make his recommendations into actions for the FSA to take just as he takes up a position on the regulator&#39s board.”