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Lenders&#39 anger as Tiner bars questions over monitoring

Lenders have slammed FSA managing director John Tiner for refusing to answer questions on how they can comply with the requirement to monitor point-of-sale documents provided by brokers.

Speaking to CML members at their London conference this week, Tiner said it was right that len-ders assume responsibility for information disclosed by intermediaries but he blocked questions from the floor on how this should be done.

Tiner&#39s stonewalling provoked anger among lenders, who say they need more information if they are to comply with the new regulations.

The FSA says details will be given in its final rulebook but lenders bel-ieve it may already be too late for them to meet the August deadline for statutory regulation.

Skipton Building Society chief executive John Good-fellow says: “Once again, the FSA is startling in its lack of commitment to the mortgage industry.

“We need the regulator to tell us in a timely manner what lenders have to do but when the perfect opportunity arose, Tiner refused to discuss it.”

Halifax mortgage regulation manager Celia Row-land says: “It is all well and good knowing what disclosure is but how are lenders supposed to know how to monitor it? This is not helpful. We need to start preparing as soon as possible.”

An FSA spokeswoman says: “While we appreciate the time pressures, we are unable to make any ann-ouncement until the board agrees on policy. We will be publishing our requirements very shortly.”

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