CML seems keen to protect members from regulations

The Council of Mortgage Lenders made some excellent points last week in its response to the Financial Services Authority’s Mortgage Market Review but it seems to want to treat its own members differently from the broker community.

For example, while it suggests all broker sales should be advised – something I agree with – it wants its members to be able to carry on making non-advised sales.

As regards the approved persons regime whereby all brokers should be named the CML raises significant objections to extending this to its members.

And on selling standards it questions the compliance culture in small intermediary firms.

Rather than concentrate on small firms, the public interest may be better served if the FSA was to investigate non-advised sales made by nameless individuals within lending institutions.