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CML calls Miles a sensible package of measures

The CML has welcomed the final Miles Review looking at the potential for a long-term fixed rate mortgages, calling it a sensible package of measures that would generate improvements in the UK mortgage market.

The trade body says there is a strong interaction between some of the measures Miles has proposed and the work the FSA is doing in preparation for statutory regulation in October.

CML director general Michael Coogan says: “Professor Miles has undertaken a commendably thorough and thoughtful review, and has drawn up an eminently sensible package of recommendations.

“The combination of increased transparency, enhanced consumer advice about risk, access to appropriate funding and technical improvements would together smooth out the wrinkles in the mortgage market that Miles has identified.”

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