CML director general Paul Smee has received assurances there will be a strong mortgage voice in UK Finance when the new trade body launches in July.
UK Finance will have a mortgage board but Smee (pictured) isn’t expected to be a part of the new trade association.
Smee, who was speaking at the CML’s Cymru annual lunch in Cardiff today, said: “There needs to be a strong mortgage voice in the new trade body UK Finance through its product board and I am satisfied that this was well understood by those setting it up.
“It had to be remembered that mortgages, unlike several other banking products, were distributed by intermediaries, that housing policy was devolved to the national governments, and that the new trade body had to be as active on housing issues as CML had traditionally been.
“This would shape the workload and approach of the new body towards the mortgage sector.”
UK Finance will amalgamate the Council of Mortgage Lenders, British Bankers’ Association, Asset Based Finance Association, Financial Fraud Action UK, Payments UK and the UK Cards Association.