The CML executive committee approved its merger into the new UK Finance trade body at a meeting this morning.
Speaking yesterday at an event to mark the end of the CML and the launch of UK Finance, Smee revealed mortgage industry participation in the new trade body would be undertaken by the Mortgage Product Board.
He said the board would be fully autonomous and provide a near identical service to that currently offered by the CML.
“The Mortgage Product Board, which is going forward under the auspices of UK Finance will do a lot of what the CML currently does,” Smee said.
“It will initiate, lead and drive policy in the mortgage arena – it won’t have to get permission to do it, it will do it. It will provide the same sort of services which we currently provide – we will go on providing the regulated mortgage service for all and the data which is important to so many of you.
“That is written into the agreement which will be approved, I trust, by the executive committee tomorrow (Thursday),” he added.
Smee also discussed key subjects the industry was facing at present.
Along with highlighting policy issues such as lending into retirement, new housing technologies and regulation, he raised the need for a better conveyancing process.
“I’m prepared to bet that the conveyancing process will surface as a major government priority whichever party gets in tomorrow,” he said.
He added: “All of those are areas where the CML has the expertise and where the Mortgage Product Board will be joining on that same expertise to deliver it in the future.”
Smee was joined in thanking the CML staff by outgoing chairman and Leeds Building Society chief executive Peter Hill.
“It’s been an honour, a pleasure and an education to have been the chairman for the past 18 months,” he said.
“The calibre and culture of the CML executive committee is something to behold and I am constantly in awe at the knowledge and capability of the people around that table.
“I would like to thank Paul and his fantastic team for making the CML what it is today, the current deputies and for the whole of the CML executive team,” he added.