A "well-functioning" mortgage market must bridge the gap between protecting vulnerable consumers and the availability of affordable mortgages, according to the Financial Services Consumer Panel.
"Reckless lending" from UK banks must be countered by stricter regulation, said the Panel, but the FSA needs to balance the two very different issues of affordability and consumer vulnerability. FSCP chair, Adam Phillips, said: "The Panel is pleased at the FSA's plans for further consultation on the MMR. However, we are concerned that the public debate is too polarised between the need to protect vulnerable consumers and the need to ensure the widespread availability of affordable mortgages. A well functioning mortgage market must do both, as I hope the FSA will recognise." The panel'...
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