THE TRADE body representing Britain’s £1.3 trillion mortgage industry has appointed the chief executive of Leeds Building Society as its new chairman.
Peter Hill starts the year-long role at the Council of Mortgage Lenders in February.
He said: “We are set for another big year in the mortgage industry. The Mortgage Credit Directive takes effect from the end of March; the Financial Conduct Authority is embarking on an examination of competition in the mortgage market; significant tax and likely regulatory changes are being introduced in the buy-to-let sector.
“And we are determined to keep up momentum on our collaborative approaches to improve retirement lending and mortgage cost transparency; these have great potential to benefit both consumers and lenders.”
He might have to lead the CML through a merger with other trade bodies as part of a wider industry response to continued upheaval in the financial services sector, persistently low levels of public trust and disruptive new market entrants.
CML members will vote on the big decision in the first quarter of 2016.
Mr Hill will replace outgoing chairman Moray McDonald, the head of personal and business banking products at the Royal Bank of Scotland.
He has 35 years’ experience in the financial services industry, spending two decades at NatWest and joining Leeds in 2001. He became chief executive in 2011.