The Council of Mortgage Lenders lacks understanding of mortgage intermediaries, says a broker at London adviser Alexander Hall.
Alexander Hall chief operating officer Andy Pratt accuses the CML of failing to understand the role of the intermediary, accusing it of focusing on lenders and consumers without considering distribution.
Pratt says the CML has been disappointing in its advice for intermediaries in the lead-up to mortgage regulation. It recently rejected a voluntary code for unregulated business for areas of the industry excluded from statutory regulation.
CML communications manager Bernard Clarke says further guidelines would be unnecessary, especially with the statutory regulation.
Pratt says the mortgage sector needs to be looking ahead beyond regulation, with the help of institutions such as the CML. He says: “The CML often does not seem to be in touch with the mortgage market and gives little solid guidance at this critical time.”
CML communications manager Bernard Clarke says: “We represent the industry – from lenders all the way down – with updates, literature and commentary. We would urge anyone with concerns on regulation to approach us for help.”