CML concerned over proposed approved persons regime

Published on

The Council of Mortgage Lenders says that broadly agrees with the proposals on arrears handling put forward by the Financial Services Authority on Tuesday.

However, the lender body says it will need to review the practical implications to ensure there are no unintended consequences.

It says that at first sight it is concerned that the FSA’s proposals on how to extend the approved persons regime may be disproportionate for lenders – the costs will far exceed potential benefits. Within lenders there is typically a high level of consumer recourse to the institution over time, involving a range of functions, not just the original salesman or adviser.

The CML will now consider the proposals in more detail, and aims to provide a “constructive response”” to the proposals before the end of April deadline

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Spring surge in property listings creates market opportunities

The average asking price for newly listed properties has risen by 1.1% (+£3,876) this...

Secure Trust Bank Commercial Finance appoints senior portfolio director

Secure Trust Bank Commercial Finance (STB CF) has announced the appointment of Carl Pykett...

Inflation expectations rise slightly as BoE releases latest survey

Public expectations for inflation and interest rates have edged higher, according to the Bank...

£1 billion lost annually as 50,000 London social homes used fraudulently

A shocking new report reveals that around 50,000 social housing properties in London are...

Other news

Spring surge in property listings creates market opportunities

The average asking price for newly listed properties has risen by 1.1% (+£3,876) this...

Secure Trust Bank Commercial Finance appoints senior portfolio director

Secure Trust Bank Commercial Finance (STB CF) has announced the appointment of Carl Pykett...

Inflation expectations rise slightly as BoE releases latest survey

Public expectations for inflation and interest rates have edged higher, according to the Bank...