Speaking at the Association of Short Term Lenders’ annual conference in London today Blackwell said the FCA monitors the trade press as a way of judging the size of the mortgage industry.
But Anthony Sultan of ULS Property Law said he was concerned that the regulator was using the opinions of those lenders who work with the trade press to help craft policy.
He said: “I am concerned that the FCA is basing its future plans and policy on the figures reported in the trade press.
“These figures are often inflated and created for the purpose of promoting one particular lender.”
Sultan suggested that the FCA would be better liaising with the associations in the industry to try and extrapolate its size and work on further regulation.
He said: “Surely it would be more appropriate to use the ASTL if it wants to work out the details of the market.
“It is beyond belief that when there is a structure such as the ASTL in place the regulator is not using it as a conduit.”