It is supposed to be a regulator looking at the changing market conditions, but it seems preoccupied with its TCF regime; a scheme that, in the current climate, is proving hard to undertake – especially with lenders seemingly discarding their own TCF philosophies.
With lenders cutting their rates at really short notice and continued speculation of other lenders and packagers experiencing problems – an occurrence that dominates at least one story a week – the FSA should be making efforts to improve confidence in the market, among brokers, and more importantly for the industry, consumers.
Consumers are being left in the cold and if all they are hearing is the doom-mongering in the national press, then of course they are going to be scared. At the very least Citizens’ Advice and other consumer organisations should be moving to allay fears.
It is surely also the responsibility of the national media to look at how it is reporting this supposed ‘credit crisis’. Despite the recent market uncertainty, the housing market is still booming and house prices are expected to rise again. It’s not all doom and gloom, there just needs to be more education.
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