28
Jun
CML's plan to work closely with FSA 'will benefit mortgage
customers'
The Council of Mortgage Lenders (CML) has suggested that property
customers would benefit if its members worked closely with the
Financial Services Authority (FSA).
Last week, the FSA announced its approved persons proposals, which
will make all mortgage advisers personally accountable for their
sales.
CML director general Michael Coogan stated that while the
organisation will extend the approved persons regime to all its
sales staff, it believes this will lead to a rise in cost for
lenders.
Instead, he proposed a better relationship between the CML and the
FSA.
"It is vital that the industry and the regulator work closely
together to achieve the right outcomes … if we are to put in
place a sustainable mortgage regime for consumers, lenders [and]
intermediaries," Mr Coogan said.
Director of the Association of Mortgage Intermediaries Robert
Sinclair added that the approved persons regime will enable the
public to have increased access to mortgage advice. He expected
this would "enhance consumer trust in [the] industry".
