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Give us a break from regulatory upheaval, urges CML

The Council of Mortgage Lenders has called on the Financial Services Authority not to implement any more regulatory change in 2010.

In its News And Views news-letter last week it said that apart from its consultation on arrears and repossessions the FSA should make no further changes to the regulation of mortgages this year.

It says there would be no short-term risk if the regulator was to take some time to analyse market data or the recommendations in its Mortgage Market Review.

The CML says: “The process of structural adjustment should be allowed to continue alongside progress towards global prudential reform and improvements in the eco nomic backdrop.

“A clearer understanding of the causes of consumer detriment is needed and before pressing ahead with further changes the FSA will need to apply a rigorous cost-benefit analysis to its proposed reforms, informed by market data.”

The CML has also warned that the mortgage market could face a £300bn funding gap in 2014 when the government’s special liquidity and credit guarantee schemes end. The trade body says that extra lending in the sector is being propped up by these schemes.

But it adds: “By 2014 both these schemes will have expired.

Hanging over the market is uncertainty concerning how lenders will refinance this £300bn over time.”

The CML says the gap cannot be filled by retail deposits alone.

It says: “The best outcome would be for funding to emerge from the restoration of a private sector wholesale debt market.

But if investors are to return they will need to feel confident that issues left by the fallout from the crisis have been addressed.”



2009 Net lending lowest for 22 years at just £11.5bn

Net lending in 2009 fell to £11.5bn, its lowest level for 22 years. According to the Council of Mort-gage Lenders, latest lending figures from the Bank of England put annual net lending at its lowest level since records began in 1987. Gross lending hit £143.5bn in 2009 while gross lending for December totalled £13.4bn. Paul […]

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Infographic — health cash plans 2014

Health Shield has strengthened its position in the cash plan market, according to the latest Laing & Buisson report, increasing its market share by income from £27m in 2012 to £29m in 2013. The Health Cover UK Market Report 2014 revealed that the non-profit-making Friendly Society was the only provider in the top four to have increased its market share by income over the past year. Health Shield was also the only cash plan provider in the top four to have increased its market share by income every year for the previous five years. This infographic presents the figures.


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