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The regulator affirmed its position following a statement from the Association of Mortgage Intermediaries describing its concern about the content of a speech delivered by Jonathan Fischel, head of mortgage and credit unions for the FSA, speech delivered at the Expo.

Chris Cummings, director general of Ami, said Mr Fischel had implied the FSA was introducing new disclosure requirements solely for independent mortgage intermediaries regarding the recommendation of direct mortgage products.

Mr Cummings said: "The mortgage market has rules relating to mandatory disclosure of status that are clear and should be sufficient on their own.

"If not the FSA should review them. The FSA should not choose to announce regulatory changes at a trade show, without first considering the wider ramifications of their announcement. We strongly urge the FSA to reconsider its position."

Robin Gordon-Walker, press officer for mortgages and general insurance for the FSA, said: "Mr Fishel's comments were not designed to set out new policy we are not doing regulation by speech.

"His comments were to clarify the position around the issues relating to dual pricing, direct lending by lenders and what mortgage advisers should do in the current circumstances."

Ami's concern at Mr Fischel's comments came as the trade association published research demonstrating independent mortgage advice could save consumers up to £1830 a year.

The research conducted by independent financial research company NMG showed on average annual savings achieved from purchasing through an adviser to be £962 a year.

Ami said with 1.36m intermediary mortgage sales in the 2006 to 2007 financial year, the savings achieved by advisers for their clients was estimated to be between £1bn and £1.2bn a year.

The association also found advisers would typically spend more than seven hours processing a mortgage.

Mr Cummings said advisers would frequently take on this task without any certainty about remuneration as just 5 per cent of intermediaries would charge a fee to clients when the mortgage did not complete.

He said: "Analysis of consumer attitudes shows they value this advice much higher than that provided by lenders.

"Consumers should not miss out on the benefits of using a mortgage adviser. We also call on the industry, regulator and the government to give their backing to the role of advice in the mortgage market at these difficult times for consumers."