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CML predicts &#39bidding&#39 war

The Council of Mortgage Lenders is claiming next week&#39s mortgage regulation announcements will lead to a regulations “bidding” war.


Economic secretary to the Treasury Melanie Johnson is set to announce the government will only regulate home loan advice, with the loans themselves to be covered by a voluntary standard.


The CML is concerned rivalries between the Treasury and the Department of Trade and Industry could spark off a “bidding war” to compete for who can implement the toughest regulation.


Council of Mortgage Lenders director-general Michael Coogan says: “I can&#39t be positive if they maintain two systems in parallel. It will be bad for consumers and bad for the industry if there are two departments bidding up the level of regulation.”

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