CML criticises FSA's approved persons register
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The Council of Mortgage Lenders has criticised the extension of the Financial Services Authority approved persons register as unnecessarily costly for lenders.
But the CML does welcome the extra clarity of the proposal and is pleased that it avoids capturing administrative staff and arrears staff putting forbearance measures in place.
Michael Coogan, director general of the CML, says: “We will now be working closely with the FSA on the next stage of its mortgage market review, and the crucial issues of what sort of mortgage products and what sort of verification processes it will expect in the future.
He adds: “It is vital that the industry and the regulator work closely together to achieve the right outcomes, introduced at the right time taking account of the state of the market, if we are to put in place a sustainable mortgage regime for consumers, lenders, intermediaries and regulators alike.”
The CML is pleased that smaller firms with low levels of arrears cases will be able to apply for a waiver.
Uncertainty still remains about how third parties will manage their new obligations when dealing with telephone recordings of arrears discussions.
The trade body are also pleased with the clampdown on emotive advertising and the five-year-minimum security of tenure and the 14-day cooling-off period.
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