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AMI in favour of buy-to-let regulation
The Association of Mortgage Intermediaries (AMI) has given its support to proposals from HM Treasury to extend the scope of Financial Services Authority (FSA) regulation to include buy-to-let mortgages.
Robert Sinclair, director of AMI, said: "We welcome the proposals to introduce regulation to aspects of the buy-to-let market. It is right that the proposals will exempt limited companies and focus on individuals who carry out buy-to-let transactions. Broadly, this appears to be codification of existing industry best practice, and should not introduce significant additional costs.
"However, this consultation, combined with the more extensive mortgage Market Review, proposes wide ranging changes to the market. Government and the regulators need to ensure that any reform is implemented in a coordinated and efficient fashion with suitable time periods to allow the industry to adapt. We will, of course, be studying the proposals in more detail and responding to the consultation in full in due course."
