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