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 FCA competition market study

Published: 12 December 2016

The Council of Mortgage Lenders welcomes the focused and constructive approach of the Financial Conduct Authority in undertaking a market study on mortgages, focusing on potential influences on customer outcomes now that the changes brought in under the Mortgage Market Review have had a chance to bed in.

The CML will consult with members in responding to the FCA, but in the meantime sees it as helpful that the FCA is looking at the whole range of players involved in the mortgage and house-buying process, as well as at the potential offered by technology. It is important to understand what drives and influences the products that consumers have access to and ultimately choose. A clear understanding can only be good for the customer interest. The CML looks forward to working with the FCA and other industry participants as the market study progresses.

CML director general Paul Smee says:

The FCA's rule changes in 2014 created a seismic shift in how mortgages are sold. It is entirely right that the regulator reviews their effect, as well as how commercial relationships in the market have developed in the light of the new environment. Any opportunity to review how the market can best work for the benefit of consumers is an opportunity worth taking, and we will be participating constructively.

Notes to editors

1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 97% 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 Financial Conduct Authority (FCA) today launched a market study to consider whether competition in the mortgage sector can be improved to benefit consumers. The FCA aims to publish an interim report in summer 2017, with the final report expected in early 2018. The full FCA announcement can be seen here.

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