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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CML welcomes clarity on future mortgage rules

Published: 25 October 2012

The Council of Mortgage Lenders welcomes the certainty that the FSA's publication of the final rules under the Mortgage Market Review today brings to the market.

The consultation period to draft the new rules has been extensive, and we welcome the FSA's responsiveness in moderating a number of rules as originally drafted that would have been difficult to implement in practice, or unduly restrictive.

The final package of rules represents a widely anticipated focus on affordability for the borrower, and verification on the part of the lender, to ensure that lending is responsible. The CML supports this, and hopes that the rules will be underpinned by sensitive supervision to help the industry meet them in practice.

Paul Smee, CML director general, comments:

"Today's rules bring certainty. Lenders can now make firm plans to ensure that they meet the new requirements when they formally come into place in April 2014. In practical terms, the regulatory changes have already been widely anticipated and so are unlikely to create any significant additional or unexpected impacts.

"We look forward to working towards implementation with the FSA and its successor, the FCA, and hope that from a supervisory perspective the regulator will focus just as much on helping lenders and brokers to meet regulatory expectations as on enforcement action if rules are broken."


Notes to editors

1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 95% of all residential mortgage lending in the UK. There are 11.2 million mortgages in the UK, with loans worth over £1.2 trillion.

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