Building Societies Association chairman John Goodfellow has warned government and regulators must not go overboard in implementing new rules to the detriment of consumers.
His call at the annual BSA conference focused particularly on plans for the Child Trust Fund, which many building societies fear they may not be able to offer customers, and pending mortgage regulation, which may alter the “nature of the market” and end up costing consumers more.
”We are in the middle of a regulation experiment and we must guard against unplanned consumer detriment,” Goodfellow says.
Current proposals that CTFs be offered on a stakeholder basis means building societies run smack into other current and proposed regulations meaning more than 50 building societies would not be able to offer this type of product, Goodfellow says.
Another issue is international accounting standards, which, again, may end up just confusing consumers as to their providers true financial strength.IFAonline
Lowest level since 2016
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Just one-fifth not in favour
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PI providers adding constraints to cover