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 www.ukfinance.org.uk for wider content and updates from UK Finance.

Last updated: 3 May 2017

Consulting body:
Financial Conduct Authority
Status:
Closed
Period of consultation:
Runs from 6 March 2017 to 3 May 2017
CML action:
Response submitted

The FCA have published their Quarterly Consultation No. 16, in which they are proposing to make changes to (among other sections of the handbook):

Immigration Act changes:

The FCA will not give guidance on the application of the act, but firms will have to confirm to the FCA each year that they have complied with their obligations in the Act by using a power of direction in the Immigration Act 2014 (Bank Accounts) Regulations.

The FCA will also make amendments to their enforcement policy in respect of the Regulations.

CML response

The CML is supportive of the proposed changes to (among other sections of the handbook) the Supervision Manual (SUP) and Enforcement Guide (EG) arising from the extended Immigration Act 2014.

See the full CML response to this consultation below.

Smarter Consumer Communications - changes to COBS and MCOB:

The FCA proposes the removal of FCA-prescribed risk warnings on annual statements for interest-only mortgage customers (MCOB 7.5.3).

The proposed change gives individual firms a choice over how they communicate the required information to consumers. As a minimum, firms will need to consider whether retaining the previously prescribed wording is appropriate for their borrowers.

CML response

The CML is supportive of the proposed change to MCOB to remove the FCA-prescribed risk warnings on annual statements for interest-only mortgage customers.

See the full CML response to this consultation below.