Hoban defends MMR in Commons debate

Conservative MP for Poole Robert Syms brought the debate to the House and told financial secretary to the Treasury Hoban the FSA had failed to consider the impact of the proposals on the wider economy. Syms argued the MMR was designed to address the market failures of a small number of lenders, some of which are no longer active. In addition, he said it patronised consumers by placing too much responsibility on lenders, and would negatively affect first-time buyers, innovation and competition among lenders. While he said he supported the FSA's objectives of achieving a sustainable ...