CML: FSA findings a ‘wake-up call’
November 27, 2007 by admin
Filed under News, News-Mortgages
The Council of Mortgage Lenders (CML) has responded to the Financial Services Authority’s (FSA) publication of case studies of good and bad practise in mortgage brokers’ treatment of consumers.
It welcomed the publication, saying that it would act to help improve the quality of overall service.
The CML will support any action against brokers who fall short of targets outlined by the FSA and brought to their attention.
It states that good brokers’ practise is undermined by those who fail to meet industry standards.
Director general of the CML, Michael Coogan, commented: “After three years of regulation, the FSA is right to expect its regulatory standards to be in place across the whole market. These findings are a wake-up call to those brokers who are behind the pace.”
He added that the FSA must ensure its expectations are explained with clarity, a stipulation especially important for small broking firms.
Banks, building societies and other lenders make up the membership of the CML, which supervises 98 per cent of all residential mortgage lending in the UK.
