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CML attacks FSA

The Council of Mortgage Lenders (CML) has launched a scathing attack on the Financial Services Authority (FSA) suggesting that the FSA is comparing mortgage lenders and intermediaries to "drug dealers at the school gates". This is a new low in the relationship between the CML and the FSA and could be the start of an ongoing battle to capture the hearts and minds of UK consumers. So why has the CML reacted so strongly to the FSA?

The CML is apparently disgusted at the impression which the FSA appears to give the wider market with regards to mortgage lenders in the UK. It believes that the FSA is allowing consumers to hold the impression that mortgage lenders in the UK are enticing customers in with attractive offers and then "getting them hooked". However, in reality the mortgage system in the UK is vital to the performance of not only the economy but personal financial well-being.

While there is no doubt that mortgage lenders in the UK have come under massive pressure over the last few months, with regards to reduced liquidity in the mortgage market, it is debatable whether the FSA has been as unfair on mortgage lenders as the CML would indicate. The truth is that UK homeowners and potential homebuyers are desperate for funding but the banking sector at the moment is unable to offer this in reasonable quantities.

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