Labour MP George Mudie was last week reported as saying he was horrified by the Financial Services Authority’s Mortgage Market Review and believes the regulator has lost its balance and could damage the industry (’Labour MP horrified by MMR’, Mortgage Strategy Online, February 1).
This government has said time and again that they are going to get rid of the FSA.
It’s sad that it has taken a Labour MP to voice the concerns that most of us in the industry have. We managed perfectly well under the Mortgage Code Compliance Board, and long before that.
Look at where we are under the rule of the FSA – the biggest financial mess this country has ever been in.
A mortgage is basically a simple product, but under New Labour’s regulator we have made it into a product that requires the IQ of a brain surgeon to fully understand it.
The risk lies with the lender and it should be their decision whether or not to lend.
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