FSA criticised over lack of data sharing

The regulator has cited commercial sensitivity and a lack of resource as to why it is unable to reveal the information.

The reports, which both lenders and intermediaries are required to complete every six months, contains details on product sales and the level of business carried out in each area of the sector. They are designed to help the FSA gain a better understanding of all sales activity in the mortgage market.

Chris Cummings, director-general at the Association of Mortgage Intermediaries (AMI), said publishing the findings would help intermediaries identify threats and opportunities in the market.

He said: “In order to fully identify risk areas, we need to know how much business is transacted in certain sectors of the market as well as through intermediary channels.”

But Robin Gordon-Walker, spokesperson for the FSA, said: “The data is confidential information designed to help us understand the market and was never meant to be published. We use the information to monitor sales activity in the market. We are not a statistical service.”

Cummings hit back at the FSA, and said it has failed in its duty to help brokers. He said: “The FSA has made a public commitment to share the information with the market. That was always the deal. It is disappointing and AMI will lobby for this information to be released.”

Bill Warren, compliance director at Complete Mortgage and Loan Services, said: “While I understand the FSA’s reluctance to publish commercially sensitive data, there should be more information released on sales of the different mortgage product types.”