So, a lender has failed to make the grade as far as M-Day is concerned. The first faller, owned by no less than the mighty Royal Bank of Scotland, is Direct Line although some might argue Sainsbury's Bank had shown the way.
The telephone bank says it is better that customers are sold a mortgage on the new KFI-compliant computer system rather than on the old system so there will be no Direct Line mortgages until M-Day.
It may, of course, not be the last. But intermediaries do not believe that a bigger player can afford a leave of absence from the market. There may, however, be a dampening down of business levels as some lenders look to restrict the business they do and intermediaries get to grips with a fundamental change in the way they work.
M-Day is coinciding with a cooling-off of the property market as well. But provided it is not too dramatic, maybe this is no bad thing until the market finds its feet again. Let us hope it is as soon after October 31 as possible and that Direct Line's decision is a minor symptom of regulatory impact and not the first symptom of a major one.