The Council of mortgage Lenders (CML) has welcomed the Treasury Committee’s view that the authorities should not act in haste in introducing reforms and rather ensure that new rules introduced should be “effective but proportionate”.
It issued a statement in support of the committee’s recommendation that “it is more desirable that the government gets these reforms right than sticks to an arbitrary timetable”.
The government should show prudence in reinforcing stability and certainty, the council said.
“The Treasury Committee has introduced a welcome dose of common sense into the debate about the future of regulation”, said Michael Coogan – the Director General of CML.
Adding that protecting consumer interest is paramount, he said: “It is essential that we take the time to introduce the right reforms, and strike the right balance between protecting consumers and ensuring they have access to mortgages at a reasonable cost”.
The UK central bank meanwhile said that mortgage approvals have fallen to a new low in 2010. Bank of England said that the figure of £8.51 billion was the lowest in history since records began in 1987 and £3 billion lower than 2009.