Trade body UK Finance appoints head of mortgages

UK Finance, the trade body representing the finance and banking industry, has appointed Jackie Bennett OBE as its head of mortgages. Ms Bennett,

UK Finance, the trade body representing the finance and banking industry, has appointed Jackie Bennett OBE as its head of mortgages.

Ms Bennett, who is currently deputy head of compliance at The Northview Group, will be responsible for leading mortgage policy development when she joins the trade body in February 2018.

Prior to joining the Northview Group, Ms Bennett was compliance conduct manager at GE Money Home Lending.

Between 2001 and 2014, she worked at Council of Mortgage Lenders (CML), one of the bodies integrated into UK Finance in July this year, serving as head of policy from 2004.

She also served as deputy manager for property and household at Association of British Insurers (ABI), having previously worked as a senior executive officer at the Home Office for 13 years.

In June 2010, Ms Bennett was awarded an OBE for services to the financial services industry in the Queen’s birthday honours list.

Formed on 1 July 2017, UK Finance incorporates The Asset Based Finance Association, British Bankers’ Association, CML, Financial Fraud Action UK, Payments UK and the UK Cards Association.

It is based at Angel Court in the City of London.

Chief executive Stephen Jones said: “With a long history at CML, Jackie brings a wealth of knowledge and expertise of UK mortgages which I know will prove to be a real asset to the UK Finance team and invaluable to all our members across the mortgage industry. We are very much looking forward to her joining us in this key role.”

Ms Bennett said: “I’m delighted to be joining UK Finance. Housing rightly remains at the top of everyone’s agenda and I’m really looking forward to helping lenders support this whilst delivering the right results for consumers.”

Housing policy formed the centre piece of Philip Hammond’s Budget yesterday (22 November).

The government decided to scrap stamp duty for first-time buyers buying a property costing up to £300,000.

However the move will mainly benefit sellers by pushing up property prices, according to the Office for Budget Responsibility (OBR).

The OBR – the independent body in charge of analysing the public finances – said the abolition of stamp duty on up to £300,000 of a property’s purchase price meant house prices would go up by twice the amount saved by the buyer by the tax cut. 

This is because it is a permanent measure rather than a temporary holiday, the OBR stated.

It means potential tax receipts to the tune of £560m in 2018 to 2019 – which would otherwise have gone to fund projects such as schools and hospitals – will instead be used to subsidise the private housing market.

simon.allin@ft.com

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