The Council of Mortgage Lenders has warned today that the rising cost of mortgage regulation is in danger of stifling government aims of further homeownership.
Almost of year into the regulation of their industry by the Financial Services Authority (FSA), the CML has emphasised to the government that this is only one of a broad range of regulatory initiatives currently affecting lenders and adding costs for their customers. In its pre-Budget submission to the Treasury, the CML estimates that new regulatory initiatives could add a further £500 to £1,000 to the cost of buying a home. The CML claims whatever the strengths and weakness of the FSA rules, the regulator's requirements continue to impose significant demands on firms, with lenders fa...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
