The Council of Mortgage Lenders (CML) has responded to the Financial Conduct Authority’s competition and responsible lending statement.
The trade body said it was pleased to note that the FCA’s assessment is that firms have positively applied the responsible lending requirements that came in under the Mortgage Market Review.
The CML also noted the FCA’s assessment that there is scope for improving consumers’ ability to make better choices about mortgage deals, saying it is already an area of work being “actively pursued” by the CML as part of its “ongoing work on transparency” following the launch of the common mortgage tariff last year.
CML director general Paul Smee said: “We are pleased that the regulator has identified no significant faults in the market. This is testament to the level of commitment that lenders showed in implementing the new requirements that emerged as part of the Mortgage Market Review.
“Through our voluntary transparency initiative, working jointly with Which?, we are fully engaged with the consumer choice agenda that the FCA identifies as an area for study later in the year. We are already looking to make the kind of progress that will make it easier for consumers to compare and understand their options, and look forward to working constructively with both the industry and the regulator on this.”