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CML welcomes FSA mortgage plans

The mortgage industry has welcomed aspects of the Financial Services Authority's (FSA's) latest proposals to create a more responsible lending environment.

However, concerns have been raised that the regulator's plans might hamper people's ability to access mortgages.

The FSA's proposals offer "sensible safeguards", the Council of Mortgage Lenders (CML) said.

Its director general, Paul Smee, commented: "Whilst there is much detail to be pored over, the FSA's new proposals seem to strike broadly the right balance."

He added: "If lenders are to make their contribution to improving the supply of housing and to the wider agenda for economic growth, then they need a regulatory framework which also supports that objective."

Also responding to the proposals, Building Societies Association head of mortgage policy Paul Broadhead said that the regulator's initial plans could have ended up trapping people with "immaculate payment records, but non-standard profiles".

Copyright © Press Association 2011

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