The Council of Mortgage Lenders has appointed Paul Smee as its new director general. He will replace Michael Coogan who worked as CML director general from 1997.

Previously Mr Smee worked as chief executive of the Payments Council and was the founding director general of the Association of Independent Financial Advisers.

CML chairman Colin Walsh said: “Paul brings with him a wealth of experience and a successful track record in delivering for trade bodies and their members. I am sure that with Paul at the helm, the CML will continue to show strong, effective industry leadership.”

Mr Smee said: “I will be seeking to build on the strong reputation that the CML has built up over many years on behalf of its members, in this vital part of the UK economy. I am looking forward to taking up so important a role at such a crucial time.”

Mr Smee will begin work on 1 August.

Mr Walsh will also be leaving from his positions as CML chairman and managing director of mortgages at Lloyds Banking Group.

No departure date has been set but he plans to leave in a few months time to “explore other opportunities.”