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Mortgage article 17:Lenders and intermediaries are uneasy about the outcome of regulation, CML poll reveals
18 March 2002
Most lenders and intermediaries do not believe that new rules to be overseen by the Financial Services Authority will provide a sensible and cost-effective regulatory framework, according to a computerised poll carried out during a CML conference on mortgage regulation.
The poll, conducted among 200 delegates at the beginning of Friday's conference at the Victoria Park Plaza Hotel, London, found that 74% of those attending did not believe the new rules would produce a sensible, cost-effective structure. And when the poll was repeated half-way through the conference, the number of delegates who believed that the new FSA rules would not produce the desired effect rose to 79%.
Similarly, 59% of delegates at the start of the conference thought the new rules would improve consumers' chances of buying suitable mortgage products, while 41% disagreed. But when this question was also repeated at the half-way stage, delegates had again become more sceptical about the outcome of the new FSA regime, with only 51% believing the rules would help consumers make better choices, while 49% said they would not.
Commenting on the results of the voting, the CML's Director General Michael Coogan said: Next page
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