FSA Criticized for Mortgage Market Review

Michael Coogan, of the Council of Mortgage Lenders (CML), has announced that the Financial Services Authority's (FSA) Mortgage Market Review has numerous flaws and, therefore, needs to be re-evaluated, otherwise it the whole mortgage market could suffer the consequences for years to come. He claims that the risk of negative lending in the next year as a result of funding problems is very high.

Furthermore, he indicates that the signs leave much to be desired and that the "golden age" of home ownership may come to an end because the execution of new conduct rules for mortgage providers will prevent people from materializing their dream to become home owners.

Coogan expresses the conviction that new mortgage regulation will quench innovation and opportunity for all categories of consumers.

In addition, it turns out that the FSA study of the retrospective impact of the mortgage market review is in discrepancy with that of the CML's own study the results of which are to be published soon. The CML insists that the FSA consults with consumers in the future about the its plans.


The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.