The next year brings a series of changes for mortgage lenders as they prepare for the implementation of regulation at the start of 2002.
During the first half of the year, the FSA will seek to finetune its consultation process so that in July it can publish the final rules and lenders can start applying for authorisation.
Intermediary Mortgage Lenders Association chairman Tony Ward says lenders have been waiting for the regulation to be finalised since the start of last year and are hoping to resolve any loose ends to achieve a sensible, practical solution.
Ward says: “We do not want to get to the end of June and find a number of lenders are not able to get their licences. The application process will take a while and the FSA is contemplating a transition period to allow lenders to operate without a licence as long as they have applied and not been rejected but that is not ideal.”