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FSA’s Pain points to future role of advisers

FSA managing director of retail markets Jon Pain says the number of brokers in the boom years grew to unsustainable levels but he believes that intermediaries have an important future role to play.

Speaking at the Council of Mortgage Lenders’ annual conference in London this week, he said: “There is no doubt that during the boom years, the number of mortgage intermediaries grew to levels that we can all now see in hindsight were – like the lend- ing that resulted – probably unsustainable.”

He also suggested that lenders’ “capital position is sufficient to absorb losses and continue lending”.

CML director general Michael Coogan attacked the Government’s call for bank rate cuts to be passed on as “shortsighted and counter-productive”.

He also hit out at the Government for dragging its feet over the Crosby report and unfairly burdening smaller lenders with the Bradford & Bingley fallout.

Coogan said: “It is nonsense that small savings institutions following safe business models are financially hit by the failure of bigger organisations with riskier businesses.”

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