Sinclair, director of the Association of Finance Brokers, maintains that the sector will survive the credit crunch.
He says: “The market has gone from being worth 500m a month to 60m. For any other sector that would spell the end but not for us.”
Sinclair also criticised the Fin-ance Industry Standards Assoc-iation’s code of conduct.
He says: “The code has been rejected by the Office of Fair Trading and this raises legal issues.”
But John Parker, chief executive of FISA, says it is reworking the code and seeking OFT approval.