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Kelly gives pledge on Miles&#39 report

The Treasury is planning a consultation on Professor David Miles&#39 recommendations for the mortgage market.

Speaking at the CML&#39s annual lunch, Treasury Financial Secretary Ruth Kelly said she fully endorsed Miles&#39 conclusion that the mortgage market needed urgent reform.

Industry bodies initially criticised Chancellor Gordon Brown for skimming over Miles&#39 review in the Budget, but Kelly&#39s ann-ouncement will go some way towards appeasing groups that feared the proposals would be sidelined.

The Treasury is believed to be focusing on Miles&#39 recommendations on financial disclosure. Any move to introduce legislation in this area could tie in with the publication of the FSA&#39s financial capability steering group&#39s recommendations, which are due out in May.

Miles&#39 report makes recommendations which fall into two groups. First, those aimed at improving the advice and information given to borrowers and a more transparent pricing structure and, second, helping lenders fund mortgages and handle risk.

Kelly said: “The Government and the FSA are currently considering Professor Miles&#39 recommendations. The Government will consult on them in due course.”

Cicero Consulting director Iain Anderson says: “I think the fact that the Government wants to push ahead with Miles is certainly interesting, but I think that the focus will be purely on the disclosure element, rather than long-term products.”

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