Danny Waters, Chief Executive Officer of Enterprise Finance, said:
“We have always been staunch advocates of regulation as anything that protects the best interests of consumers ultimately benefits the health and perception of the sector as a whole. This is why we have invested considerable time and resource into ensuring that we are fully ready for the Mortgage Credit Directive implementation in March and have helped intermediaries prepare for what life will be like in the new regime.
“The Financial Advice Market Review is another regulatory evaluation that intermediaries and lenders alike will need to be aware of. While advisers are often the first point of contact with the consumer and therefore have an integral role to play in the implementation of regulation, they shouldn’t necessarily be responsible for bearing the costs of the likes of the Financial Services Compensation Scheme. Regulation should be fair for all – not just consumers – and we can’t unfairly burden certain sections with an expense that should be distributed throughout the industry.”
This comment first appeared in Loan Talk