From 1st July the Council of Mortgage Lenders is integrated into a new trade association, UK Finance. For the time being, all UKF mortgage information will continue to be published on this website, and UKF member-only mortgage information will only be available here.

UK Finance represents around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation takes on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association. Please go to for wider content and updates from UK Finance.

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Vote on European mortgage regulation delayed for three months


Published: 7 August 2012 | Author: Bernard Clarke

A crucial vote that may determine the final shape of the proposed European directive on credit agreements relating to residential property (CARRP) has been delayed for three months. An updated timetable on European Parliament’s website says that the indicative date for a plenary sitting – at which a vote could take place – is now scheduled for 10 December. It was originally due to take place on 10 September.

We understand that the three-way discussion on the proposed directive involving the European Parliament, Council and Commission – the so-called "trialogue" – can continue in the autumn, as originally planned, in advance of the plenary session. 

The revised timetable means that the vote on the proposed European directive may now take place after the Financial Services Authority (FSA) has published the policy statement and final rules for mortgage regulation in the UK, as it moves towards completion of the mortgage market review. The FSA’s policy statement is expected in the autumn.

The delay means that it is still not clear that the timing of proposals for mortgage regulation in the UK and Europe will be closely aligned. On behalf of lenders, we are continuing to work with the FSA in the UK and the authorities in Europe for a regulatory structure that meets the needs of the domestic mortgage market and results in a coherent set of proposals.