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CML calls for quick EU mortgage directive consultation

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  • 28/02/2014
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CML calls for quick EU mortgage directive consultation
The Council of Mortgage Lenders (CML) has called for a consultation on the EU mortgage credit directive to begin as soon as possible.

The EU mortgage credit directive was officially passed in December and the final rules have now been published. The UK and other member states now have two years to implement any changes.

The CML has now called on the Treasury and the Financial Conduct Authority to launch a consultation in the near future to see how the directive will be affect UK firms and consumers.

Jackie Bennett, head of policy at the CML, said: “Formal publication of the directive finally brings to an end a long period of uncertainty about what European proposals for regulating mortgages will look like. But that means the start of the next stage in the process for UK firms and consumers.

“Lenders are currently working flat out towards final implementation of new rules for regulating mortgages in the UK – due to come into effect in just eight weeks’ time, on 26 April.

“Once the new UK rules are bedded in, however, firms will need to begin to prepare for any changes that might be needed to comply with European regulation. It will help everyone affected – consumers, as well as firms – for the process of public consultation by the Treasury and the FCA to begin as soon as possible.”

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