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.

  1. Home
  2. News
  3. Press releases
  4. CML responds to FCA competition and responsible lending statement

CML responds to FCA competition and responsible lending statement

Published: 16 May 2016

The Council of Mortgage Lenders is pleased to note today that the FCA's assessment is that firms have positively applied the responsible lending requirements that came in under the Mortgage Market Review. The CML also notes the FCA's assessment that there is scope for improving consumers' ability to make better choices about mortgage deals. Indeed, this is already an area of work being actively pursued by the CML as part of its ongoing work on transparency following the successful launch of the common mortgage tariff last year.

Commenting on the feedback statement from the FCA, CML director general Paul Smee said:

We are pleased that the regulator has identified no significant faults in the market. This is testament to the level of commitment that lenders showed in implementing the new requirements that emerged as part of the Mortgage Market Review.

Through our voluntary transparency initiative, working jointly with Which?, we are fully engaged with the consumer choice agenda that the FCA identifies as an area for study later in the year. We are already looking to make the kind of progress that will make it easier for consumers to compare and understand their options, and look forward to working constructively with both the industry and the regulator on this.

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 FCA's press release is here - FCA reviews find mortgage firms lending responsibly but scope for improvement on competition.

Contact us

Sue Anderson

020 7438 8924

Bernard Clarke

020 7438 8923

Gareth Hill

020 7438 8922