View more on these topics

Regulation concerns of new CML chief Gunther

The increasing costs of statutory regulation facing the mortgage industry is one of the most pressing issues on the agenda, according to new CML chairwoman Anne Gunther.

Standard Life Bank chief executive Gunther, who last week replaced HSBC head of banking and mortgages Clive Wood, says one of the CML&#39s primary responsibilities is to ensure that the cost of statutory regulation does not become disproportionate to the risks involved.

Gunther, who has been at Standard Life Bank since January 2002, says the CML is talking to the Treasury and the FSA to make sure this does not become the case.

The CML has long called on the Government to reform the stamp duty system and Gunther says she fully supports this move.

She says homeowners are already very heavily taxed generally and any increases in stamp duty could affect them badly. She believes there should be no stamp duty up to a level of £150,000 for first-time buyers and it should be graduated thereafter.

Another issue that Gunther is keen to get involved in is increasing homeownership. She believes schemes such as shared ownership and lowcost housing should be used to help first-time buyers get on to the housing ladder Gunther says: “A lot of commentary has been to do with first-time buyers and how difficult they are finding it to get onto the ladder. Many are able to afford their monthly mortgage payments – it is saving for a deposit that is the problem.”

The new CML deputy chairman is Nationwide commercial and treasury director Stuart Bernau, who replaces former Britannic Money managing director Tony Ward.

Recommended

Nationwide increases mortgage rates

Nationwide has announced that it will increase its base mortgage rate by 0.25 per cent to 5.14 per cent, following the MPC&#39s decision to increase base rate to 4 per cent. The change will take effect from 1 March 2004, and Nationwide says its base mortgage rate will be around 0.85 per cent lower than […]

Industry at danger from weapons of mass regulatory destruction

An open letter to Tony BlairI am not one to write to readers&#39 columns, having done so only once before in my 30-year career in financial services. Total frustration and very long, unnecessary hours have prompted me to find the time to put pen to paper. Now that you have survived the Hutton report and […]

Legg Mason likes sound of the Pacific

Legg Mason Investments has introduced the Legg Mason Asia Pacific fund, an Oeic that invests in companies based in the Asia Pacific region, excluding Japan. The fund will contain between 50 and 70 holdings and will be managed by Batterymarch Financial Management, a Boston-based subsidiary of Legg Mason. It has managed emerging markets portfolios since […]

Standard bonuses better than feared

IFAs have given a cautious welcome for Standard Life&#39s bonus declaration, describing it as “marginally” better than expected. The company is cutting bonuses on with-profits pol-icies by up to 1 per cent, with payouts on conventional and unitised policies down by an average of 7 per cent. Standard says that a year of strong investment […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment