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Speaking at the Building Societies Association's (BSA's) annual conference in Manchester, Sants said he had been approached by a number of advisers asking whether the increasing instances of cheaper rates being offered direct was fair under treating customers fairly.

He said: "Our response is lenders are not obliged to deal through advisers. How they choose to price and distribute their products is a commercial matter. There have always been certain lenders who choose not to offer their products through advisers."

The comments follow a series of heated comments posted by readers on FTAdviser.com.

To read the comments, and have your say, read Mortgage Adviser's 'Home on the Range' blog.

And to find out more on this topic, read our earlier article: Lenders 'are cutting out advisers'.