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Will tighter regulations work in the mortgage market?

The government's intention to increase the regulatory framework and introduce fines and penalties for those banks seem to be "mistreating" their customers has opened a very volatile and controversial debate as to whether self-regulation is the way forward or a tighter regulatory framework is required. The UK has seen the regulatory framework reduced over the years as self-regulation has come to the fore and assisted greatly in the growth of the finance sector.

However, the credit crunch and conflict with the mortgage providers has opened up many old wounds with the financial companies in the UK taking more control than ever before. They appeared to be on the ropes just prior to the rescue package although since the cash injections were promised and delivered they have very much returned to type.

There are concerns that the regulatory framework will be tightened too much and strangle the UK economy and UK financial sector over the coming years. This could then lead to the movement of London's substantial financial business to overseas markets which have been trying to chip away at the sector for some time. London and self-regulation was a roaring success until the credit crunch but the situation within a tighter regulatory framework may be very much different.

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