ASTL19: Full regulation of bridging far from inevitable
Regulation of the bridging sector is by no means inevitable and could be avoided by the sector policing itself, Lynda Blackwell has claimed.
Speaking at the Association of Short Term Lenders annual conference Blackwell, a consultant and former FCA mortgage manager, said the regulator was unlikely to step in and regulate the whole sector.
She said: “I don’t think it’s something that is going to happen any time soon.
“It’s something that is down to you [the bridging sector]. You need to make sure you react in the right way.
“The regulator could step in but it is by no way inevitable.”
Blackwell said the sector should help the regulator identify “bad apples” to preserve the reputation of the bridging market.
She added: “People know who the bad firms are and there is the opportunity to talk to the regulator.
“There are ways to get those messages across to the regulator and it’s important that you do that.
“That’s why a trade body like the ASTL is important.”