The Financial Conduct Authority (FCA) told this week’s ASTL quarterly general meeting that it is prepared to hold an MMR workshop especially for the short-term lending community.
Lorna O’Brien, mortgage policy adviser for the FCA, said that she would provide a tailored workshop regarding bridging if there was enough interest. She said that the FCA would also provide other tools and support for bridging professionals such as a fact sheet and a specialist web area.
O’Brien gave an outline of the impact the MMR is likely to have on bridging lenders and what they need to do to prepare for 26 April 2014. She will go into much more detail at the ASTL’s inaugural conference on 10 October where she will also talk about the potential impact of the European Directive.
At the ASTL general meeting O’Brien also discussed when lenders can carry out execution only sales and the amount of supervision lenders will need to exert over brokers who submit business to them. She also clarified exactly what the FCA meant by advice and to what extent lenders need to go for the FCA to considered they have given appropriate advice.
Benson Hersch, chief executive of the ASTL, said: “It is a really positive that the FCA is prepared to provide a tailored ‘MMR for bridging’ workshop session.
“Lorna’s talk at the ASTL meeting was very informative and clarified several points on FCA approach to the MMR that the lenders were unsure about. It provoked a lively response we will be contacting member about attending the proposed FCA workshop.”
