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Tories plan to cut back regulation

The Conservatives’ economic competitiveness group looks set to advocate the removal of mortgage regulation as part of its radical report aimed at saving £14bn a year through deregulation.

The report, to be unveiled on Friday, is also expected to propose cuts to FSA regulation and changes to the way the way the Financial Omb-udsman Service operates, aimed at benefiting advisers.

The group says there is no need to regulate mortgages as it is the lender, not the customer, who takes the risk.

It will propose a flexible lifetime savings account offering the tax relief available with a pension while allowing individuals to access funds to contribute towards a first home or to pay for education.

The report calls for an end to forced annuitisation.

The group, headed by Tory MP John Redwood, proposes scrapping home information packs and repealing working time regulations.

It advocates legislation to disregard EU regulation if the Government thinks it is against the national interest.

Tory Shadow Chancellor George Osborne says he and leader David Cameron both back the report although the party will pick and choose between individual policies.

It will suggest that a Conservative Prime Minister appoints a deregulation minister to oversee a deregulation bill in the administration’s first year.

Labour claims the plans signal a lurch further to the right for the Tories.

Thinc Group director of mortgages Alex Murray says: “To state that ‘it is the lender not the consumer that takes the risk’ is naive in the extreme. Lenders might take the risk but their recourse is repossession which leaves the consumer homeless.”

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