Nationwide chief executive criticises new mortgage regulation

The FSA has had responsibility for mortgage regulation since October 2004, but apparently their new regulations have made it harder, not easier, for people to compare mortgage deals offered by different lenders. According to the Nationwide chief executive, interviews for people trying to find a mortgage are twice as long as they were before the regulations were put in place because of extra compliance procedures. ‘The regulatory process takes so long that most shoppers can’t be bothered going down the road and having another hour and a half with other suppliers. What we used to do in 45 minutes, now takes an hour and a half.’