Growth in regulations 'could reduce availability of cheap mortgages'

The growing number of regulations being imposed on the financial services sector could cut the availability of cheap mortgages, a leading organisation has claimed.
 
Angela Knight, chief executive of the British Bankers' Association, warned that policy-makers must be aware of the effect that increasing banking costs will have on consumers.
 
She added that this is not an abstract discussion and its impact will extend beyond banks to affect the man on the street.
 
Ms Knight warned: "There is general agreement that they will be significantly costly and have an impact on lending. The UK is leading an international regulatory reform programme which has been largely uncosted."
 
She called for the UK to lead the way to economic recovery by making growth its top priority, which could benefit those seeking cheap mortgages.
 
Earlier this month, independent action group Save Our Savers wrote to chancellor George Osborne calling for the government to suspend income tax on savings revenue in order to improve conditions for those searching for the best savings interest rates.

Moneyextra.com recommends you take independent financial advice before acting on any article

Back

2011-08-22 12:56:21 © Moneyextra.com