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CML calls for reform

The Council of Mortgage Lenders is warning the Government not to take a “piecemeal” approach to mortgage regulation.


Its recommending the FSA should take charge of all mortgage regulation and that the government should also decide what information disclosure would be best for consumers.


The trade body is also urging the Government to consult widely on what terms and conditions might apply to Cat standard mortgage.


CML director general Michael Coogan says: “We hope the Government will not be side-tracked into taking a piecemeal approach to regulation, because the cost of regulation will be outweighed by the benefits if a single and consistent system is established to replace the existing patchwork.”


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