CML news & views

The clock is ticking for lenders working on the Financial Services Authority's (FSA) 'treating customers fairly' (TCF) agenda. Firms have until the end of this year to show that they are consistently meeting the regulator's requirements. And the FSA has made it clear that challenging market conditions will not be allowed to delay the TCF timetable.

Remortgaging is expected to hold up well this year. So why did the number of loans decline by 14% in May? The reality is that we should expect fluctuations in remortgaging as the number of borrowers coming to the end of their existing deal varies from one month to another. And given the uncertainty over future mortgage pricing, some borrowers coming to the end of one deal are choosing to revert to the standard variable rate, rather than opting to remortgage immediately.

Insurance is essential for a lender to agree a mortgage. Yet insurers have been reluctant to offer cover for homes where there is a high risk of flooding because of concerns over the effectiveness of flood defences. Now the government and insurers have agreed a package of measures that should ensure that flood insurance remains widely available.

The government's target of three million new homes by 2020 is under pressure as builders scale back construction projects. But a new report says that housing provision should not be just about numbers. It needs to be tailored to Britain's "jigsaw of local economies" – with different types of housing needed in different locations.