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CML responds to FCA ageing population discussion

Published: 15 April 2016

The Council of Mortgage Lenders has today responded to the Financial Conduct Authority's discussion paper on the ageing population and financial services, strongly supporting its message of collaboration and urging a regulatory focus on helping firms to achieve better outcomes for older consumers. The CML has also published a new article looking at the issues.

Paul Smee, CML director general, says:

We are keen to help our members grasp the nettle of finding safe and appropriate ways of lending to older people in line with their needs and aspirations. We firmly recognise that sits within a wider framework of advice and service provision across financial services, and we would welcome leadership from the FCA, the PRA and HM Treasury to help this important agenda make progress.

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 11.1 million mortgages in the UK, with loans worth over £1.3 trillion.

2. The CML's reaction to the FCA's decision earlier this month to give leeway on hybrid lifetime mortgages.

3. The CML's in-depth report on the lifetime mortgage market from November 2015.

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