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FSA feedback welcomed by mortgage lenders

Date: Thu, 19 May 2005

Feedback on recent changes to the mortgage industry has been welcomed by the Council of Mortgage Lenders (CML).

The Financial Services Authority (FSA) has praised the recent introduction of compulsory "key facts" mortgage lending documents that allow consumers to be fully aware of their borrowing commitments.

The FSA also has identified a number of inaccuracies in some documentation and expressed a willingness to work with mortgage lenders to help eliminate such concerns.

"In cases where key facts documents are not in line with the FSA's rules, improvements will be needed and we are pleased that the FSA plans to work constructively with the industry to achieve this objective," said CML director general Michael Coogan.

"We also welcome the FSA's intention to promote a "less is more" strategy to disclosure."

The CML's membership consists of a number of leading banks, building societies and other lenders who are responsible for 98 per cent of residential mortgage lending in the UK.

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