CML responds to FCA announcement

October 20, 2016

The Council of Mortgage Lenders (CML) this week responded to the FCA’s announcement of a consultation on a potential framework for remediation to address past arrears calculation methodology problems.

To read the news release from the CML in full click here

Paul Smee, CML director general, says:  “Those lenders who used the arrears calculation methodology now identified as problematic did so in good faith, believing that they complied with the rules and were acting in customer interests. They are fully committed to delivering fair outcomes for all customers, past and present. Customers do not need to do anything. Once lenders have digested the regulator’s consultation and determined the most appropriate way to undertake the expected remediation, they will be in touch directly with affected customers”.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

Before You Sign: 10 Things Home Movers Wish They Knew

Almost three quarters of home movers wish they knew more before making or accepting an offer as property professionals call for reform Almost three quarters (73%) of people who have recently bought or sold a home wish they had known more about the property or its location before making or accepting an offer, according to…
Read More →
Breaking News

Property expert warns homeowners to lock in amid mortgage rates uncertainty

With mortgage rates fluctuating and threatening to rise, homeowners hoping for cheaper borrowing in 2027 are being warned against delaying their mortgage plans if they’re anticipating lower rates According to Moneyfacts, the average five-year fixed mortgage rate has now reached 6% in October, the highest level in around three years, while the average two-year fixed…
Read More →
mycelium growth
Breaking News

Damp and mould online searches rise by 34%

The latest research from Inventory Base shows that search interest in damp and mould has increased by 34.2% in the latest two-month comparison, while searches for damp have risen by 29.1% and mould by 16.8%. The analysis of Google search interest trends* found that searches for “damp and mould” rose from an average search interest…
Read More →
Rightmove logo
Breaking News

Nearly two-thirds of movers want homes that generate their own energy

Neary two-thirds of movers (63%) want their home to generate most or all of its own energy More than half, 53%, say recent energy-price rises have increased their interest in solar panels and home battery storage Just 8% would prefer to remain fully reliant on the grid Since 2022, mentions of heat pumps in newly…
Read More →
Breaking News

Renters’ Rights Act: A review of the first six months

Ahead of the Renters’ Rights Act (RRA) coming into force on May 1st, there were many concerns across the industry. Landlords were probably most worried about the removal of section 21 and fixed-term tenancies, fearing it would be harder and take longer to remove troublesome tenants and regain possession of their properties. Widespread predictions were…
Read More →
Breaking News

Private rent and house prices, UK: October 2026

Average UK monthly private rent increased by 3.8%, to £1,406, in the 12 months to September 2026 (provisional estimate); this annual growth rate is unchanged from the 12 months to August 2026. Average rents increased to £1,466 (4.0%) in England, £848 (4.1%) in Wales, and £1,011 (0.7%) in Scotland, in the 12 months to September…
Read More →