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.

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Improving the consumer landscape and quicker switching: call for evidence

Last updated: 30 Jun 2016

Consulting body:
Department for Business, Innovation and Skills
Status:
Closed
Period of consultation:
Runs from 24 May 2016 to 23 June 2016
CML action:
Response submitted

The Department of Business Innovation and Skills (BIS) published a consultation: Improving the consumer landscape and quicker switching: call for evidence, seeking views on ways to improve consumer choice, including improving advice and representation and making switching suppliers faster. 

In our response, we noted the complexity of the mortgage switching process. The amounts involved are normally quite large and making the wrong decision could be very expensive for consumers so we contend that a simple seven day switching target would not be in the best interests of consumers or lenders.

Our full response can be downloaded below.