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Regulator’s reviews open up claims, says Cummings

Association of Mortgage Intermediaries director general Chris Cummings has blamed the regulator for the emergence of claim management companies in the mortgage sector.

He believes the plethora of announcements into reviews on different market sectors encourages consumers to claim compensation and be put off products, even if no problems are uncovered.

Loancheck intends to set up a claim service for people who believe they were missold a mortgage.

Cummings says: “Just because the FSA is looking into something, it does not mean that there is a problem. If a market is under review, then even if nothing is done, people think there is no smoke without fire.”

FSA spokesman Robin Gordon Walker says: “We want to be open and transparent.”

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