The Council of Mortgage Lenders (CML) has warned the European Commission may yet draft a mortgage credit directive despite its successful effort to keep secured loans out of the forthcoming Consumer Credit Directive.
Speaking at the CML annual lunch, Stuart Bernau, chairman of the CML, said: ”We may still have intervention from Europe. However, a mortgage credit directive would not be drafted until 2006 and would not be implemented until late 2008 or 2009.” Bernau also highlighted those issues the CML considers will be the most pressing for UK lenders to deal with during 2005. While welcoming the outcome of the Financial Services and Markets Act review of the Financial Ombudsman Service (FOS) and FSA rules in dealing with wider implication cases, he added the new processes "remained largely untes...
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