The Council Of Mortgage Lenders has said no to supporting a voluntary code of conduct. The possibility of a code is being looked at by a number of building societies at the moment and would be designed to cover mortgages that will not fall under regulation in October this year. The code would look to cover mortgage packagers, commercial property lending and buy to let mortgages. It would also look to cover home reversion schemes although they are due to fall within the regulations in two to three years time. The CML said, "We would not be in favour of a voluntary code of practice. We will have statutory regulation and at this stage we do not need a voluntary code"