The mortgage industry is still awaiting the Mortgage Market Review (MMR) final rules this summer, but Virgin Money expects its direction to boost lending through intermediaries.
Richard Tugwell, director of intermediary sales at Virgin, (pictured) said the guidelines would see more people taking advice from intermediaries.
"The frightening statistic we have heard is the number of people who thought they had received advice when they hadn't.
"Advice needs to be more regulated and it is a fantastic thing from an intermediaries' point of view. But trying to regulate niche markets is difficult."
James Chidgey, senior manager of corporate accounts at Nationwide said his firm was in discussion with the Financial Services Authority.
"We are busy talking to the FSA. It is good that advice is coming on regulation as we cannot have the situation where a casual consultation is taken as advice by customers. They need professional advice."
But Lee Gladwell, director of sales and proposition at Platform, said that the new regulations are already out of date.
We need more controls around buy-to-let where more people are becoming accidental landlords - the MMR has been created to solve a problem which stopped about four years ago."
Sarah Green, head of national accounts at Barclays, said the bank was prepared for the changes, and agreed it would mean an increased level of business for intermediaries.
"We are prepared for the advice and it will bring opportunities to the market. We will see slightly more business coming through our intermediary side and we are preparing people in branch and in our call centres for that."
First mentioned in Cridland Report
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