Stephen Noakes to become new CML chairman
Noakes joined Lloyds Banking Group in 2007, when he was appointed marketing director for Cheltenham & Gloucester. He then took responsibility for mortgage business when Lloyds TSB merged with HBOS. Earlier in his career, he worked for the telecommunications company Vodafone, and in the food and banking sectors.
He said: “I am looking forward to working closely with CML members and others, in what will be a crucial year as the industry seeks to ensure that continuing recovery delivers benefits to consumers and the wider economy. In stepping up to the post, I would also like to thank Nigel Terrington for his significant contribution over the last year.
“The industry’s prospects are encouraging, but there are significant challenges ahead. We will be working for a smooth transition to the new mortgage rules in April, and the smooth integration of the new European directive. We will also be seeking to ensure that Help to Buy delivers sustainable benefits, and that we have a longer-term strategy for moving out of the scheme in a way that does not disrupt the market.”
Stephen Noakes will be supported by two deputy chairmen – Moray McDonald, interim managing director of products and marketing at the Royal Bank of Scotland; and Andy Gray, managing director, mortgages, retail lending, for Barclays.
Also from the beginning of January, the CML is introducing a new category of membership for third party mortgage administrators, a group of firms which, up to now, have been associates of the CML. In doing so, the CML said it was seeking to reflect the composition and structure of today’s mortgage industry.