Mortgages will have ‘strong voice’ in new trade body: CML

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The Council of Mortgage Lenders is reassuring its members that their needs will be heard when the trade body merges into UK Finance.

UK Finance will merge six existing trade bodies – the Asset Based Finance Association, British Bankers’ Association, Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.

Speaking in Cardiff at a CML lunch today, CML director Paul Smee says lenders will still have a “strong voice” in the new trade body.

He says: “There needs to be a strong mortgage voice in the new trade body UK Finance through its product board and I am satisfied that this was well understood by those setting it up.

“It had to be remembered that mortgages, unlike several other banking products, were distributed by intermediaries, that housing policy was devolved to the national governments, and that the new trade body had to be as active on housing issues as CML had traditionally been.

“This would shape the workload and approach of the new body towards the mortgage sector. I wish the new team every success with this challenging mortgage and housing agenda.”

The merger was suggested following an independent review in 2015.