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M-Day brings a new world for mortgages

Sally Laker,Managing director,Mortgage Intelligence
The FSA has decided that brokers or networks who do not initially get auth orised by October 31 can trade as “interim-authorised” while they appeal against the FSA’s decision.

I would urge brokers who are unsure to ask any network that they are considering joining, or have already joined, if they are interim-authorised.

If they are, the broker should find out why and then think long and hard about the implications.I also hope that consumers will be made aware of this issue and would encourage them to raise it with their broker from the outset.

Bernard Clarke,Spokesman,Council of Mortgage Lenders
The last few days before Mortgage Day were hectic but everyone seems thankful that the big day itself passed relatively quietly.

In the build-up, we stressed the importance for lenders of the reliability of the FSA register in confirming whether intermediaries were authorised or not. Now everyone is busily scrutinising the market for signs of the impact of regulation, but it is too early to say. It could be weeks or even months before we can come to any firm conclusions about market effects.

Paul Howard,Intermediary sales associate director,Portman Group Friday, October 29 – the last working day in an unregulated mortgage industry – went off with frenetic activity as legions of techies”notched up hours of overtime carrying out final testing on new operating systems in readiness for go live on Sunday.

I was pleased by the announcement made by several lenders to reverse earlier decisions and now to disclose packaging fees fully. Despite the arguments for and against disclosure of these fees, this is surely what regulation is all about – transparency, fairness and honesty.

As we move into the new world, however, we should remember the case of Mr and Mrs Meadows who, last week won a famous judgment on their second-charge loan which spiralled from 5,750 to 384,000 -a salutary reminder that the job is not finished.


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Global benefits predictions for 2015 from Jelf International

According to Doug Rice, managing director of international services, in 2015, managing their international duty of care will become an increasing focus for UK-based overseas organisations in both managing their short- and longer-term challenges. As a result, strong independent advice and innovative technological solutions will become more important than ever in managing their global benefits.


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