Premier Mortgage Service managing director John Malone is calling on the Government to regulate the secured loan market and all other unregulated parts of the mortgage industry.
The call comes in response to Black and White’s recent decision to withdraw from the regulated mortgage market to concentrate on unregulated areas such as secured loans, commercial loans, lead generation and packaging.
Malone says: “All I see is an opportunity for other firms now to say, why should we bother to do all this regulation when we can make as much money in the non-regulated market with less hassle?
“I hope that the whole sector is regulated. We need to protect the consumer and that is not happening. The Government is letting consumers down.”