The U.K.’s Council of Mortgage Lenders said new regulatory initiatives dealing with mortgages from the Financial Services Authority, the European Union and the Financial Stability Board are creating conflict and confusion. “What we can already conclude is that, for the U.K. at least, there is likely to be an unholy confusion of competing draft rules at a national and European level that will keep legal advisers gainfully employed for some time to come,” says the CML, which is urging the three bodies “to achieve as much harmony as possible.”

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