28 Jun

CML's plan to work closely with FSA 'will benefit mortgage customers'

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".

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