In its Retail Conduct Risk Outlook paper published earlier this month the Financial Services Authority said the top 1% of mortgage intermediaries accounted for 53% of mortgage sales undertaken by mortgage intermediaries in 2011.
But Sinclair said the numbers simply don’t make sense.
He said: “I’m working on the basis of 12,000 mortgage advisers out there still and so 1% of that is 120 advisers and I don’t believe 120 advisers could have written 53% of any market.
“It’s just not possible. There are some brokers who only do million pound plus mortgages so there is some big ticket stuff.
“But these numbers just don’t make sense to me in any way shape or form. More FSA bollocks.”
David Copland, chief executive of Pink, agreed with Sinclair that the FSA numbers were misleading.
He said: “How does the FSA know how many advisers are doing this business? Surely they only know about registered firms?”
A spokesman for the FSA said the stats accurately reflected how mortgage business was written by registered firms which included principals.
Sesame for example accounts for one principal firm and yet represents thousands of individual advisers.
The FSA said: “The product sales data of appointed representatives is collected and reported to us as from one firm i.e. their principal.”
The regulator added in its retail conduct risk outlook paper that consolidation at larger intermediaries has put increased pressure on smaller intermediaries to sustain profitability.
