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 www.ukfinance.org.uk for wider content and updates from UK Finance.

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CML welcomes extension of regulatory scope

Published: 26 January 2011

The Council of Mortgage Lenders today broadly welcomes the Treasury's announcement that the regulation of second charge lending will be transferred to the FSA; that mortgage protections will be maintained when a mortgage book is sold to an unregulated entity; and that all sale and rent back providers will need to conform to the same standards of consumer protection.

However, this further extension of regulation adds to the already onerous burden of implementing the new mortgage regulatory requirements that will fall to the FSA and its successor, the CPMA. The CML will work constructively with the regulator to try to achieve an implementation process that maximises efficiency to deliver the key outcomes.

CML director general Michael Coogan said:

"With yet more mortgage activities to become regulated, as well as the Mortgage Market Review to finalise, it is more important than ever to focus on the key outcomes that regulation needs to deliver, otherwise implementation could become unmanageable for both firms and the regulator. We are working closely with the FSA to try to construct an effective regulatory system that brings the right results for consumers, firms and the financial system."

Notes to editors

1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 94% of all residential mortgage lending in the UK. There are 11.4 million mortgages in the UK, with loans worth over £1.2 trillion.

2. The Treasury's full announcement - Enhancing consumer protection in the mortgage market - can be viewed on the HM Treasury website.

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