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Diggle defends no regulation for loan advice

Treasury head of financial services Paula Diggle has come under attack

over the Government&#39s decision to exclude regulation of mortgage advice

from the FSA&#39s remit.

Labour MP and Treasury select committee member Jim Cousins also hit out at

Cat-standard mortgages, warning the Government will “come to regret them”.

Opposition MPs Conservative front-bencher Howard Flight and Liberal Dem-

ocrat financial spokesman Vincent Cable attacked the decision to exclude

buy-to-let mortgages from regulation.

And mortgage IFAs arecritical that civil servants seem to be making policy

at the Treasury instead of elected politicians.

But Diggle made a robust defence of the Government&#39s plans, claiming

mortgages are “not rocket science”. She said, provided that people had

access to correct product information, they would be able to make decisions

on what mortgage is right for them.

But Cousins says: “The idea that buy-to-let mortgages should be excluded

from regulation appalls me.”

Flight says while he dis-likes more regulation in principle, it is

inconsistent thatone area of mortgages is regulated and another is not.

He says: “Mortgage advice is needed due to the growing complexity of

products that are available. It will have to be tidied up at some point.”

John Charcol senior technical manager Ray Boulger says: “It seems that

civil servants are calling the shots at the Treasury rather than the

elected ministers.”

Diggle and the MPs were speaking about mortgages at the Money Marketing

Mortgages 2000 conference held last week in London.


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