Mike Freer
Main Page: Mike Freer (Conservative - Finchley and Golders Green)Department Debates - View all Mike Freer's debates with the HM Treasury
(13 years, 8 months ago)
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Mike Freer (Finchley and Golders Green) (Con)
T2. The Financial Services Authority’s mortgage market review stated:“Our existing regulatory framework has been shown to be ineffective”and that“regulatory reform is needed to reduce the probability and severity of future financial crises”.Does the Minister agree?
The Financial Secretary to the Treasury (Mr Mark Hoban)
My hon. Friend is right. The mortgage market needs reform, but it needs stability as well, which is why I welcome the statement by the FSA today. It says that it will not introduce reforms this year and will take into account overall economic stability before it introduces any further changes. It has also made it clear that lenders should not pre-empt any conclusions from its review.