CML director general addresses annual lunch
Published: 4 April 2014
Speaking at the Council of Mortgage Lenders' annual lunch today in London, Paul Smee, CML's director general, focused his speech on the impact the Mortgage Market Review (MMR) will have on the UK mortgage market when introduced this month and urged the FCA to be patient in the transfer.
The annual lunch, which took place at the Lancaster Hotel to an audience of 570 mortgage industry professionals, also saw the Financial Secretary to the Treasury Sajid Javid MP make comments on the industry.
CML director general Paul Smee said:
"With under a month to go, the industry does not anticipate major problems with the MMR implementation, but there is still a potential for unintended consequences due to the complexity but not due to the inattention of the regulator or industry. We hope the regulator understands the scale of the change and exercise a degree of patience regarding unintended technical breaches in the beginning."
"We welcome the increased activity in the housing market and the success of the Help to Buy shared equity scheme not least because it stimulates what the UK has needed for so long - sustainable house building. But risk management is still core to lender behaviour and the industry will remain diligent in not stroking a housing boom, but instead meet the needs of those that wish to own a home."
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.
2. Sajid Javid MP's comments on the housing market with appear on the gov.co.uk website here: https://www.gov.uk/government/people/sajid-javid