The FSA has spent more than £2.7m so far on the mortgage market review.
A freedom of information request, made by Money Marketing sister title Mortgage Strategy, reveals that since the regulator started working on the MMR two and a half years ago, it has spent £2.55m on staff costs and £213,000 on consultants and agencies. The figure excludes costs to the industry.
An FSA spokeswoman says: “In addition to a dedicated core team, the review has drawn on expertise from about 40 staff across the FSA. We have also engaged with a wide range of stakeholders to seek their views on our proposals.
“We have developed and published a number of policy papers, run industry events across the country and engaged in numerous discussions with trade bodies, firms, consumer groups and government departments.”
She adds that staff costs for the MMR have been met from existing budgets.
Speaking at the Mortgage Business Expo last week, FSA director of conduct policy Sheila Nicoll would not confirm whether the final MMR rules will be published by the end of the year.
Association of Mortgage Intermediaries director Robert Sinclair says the regulator must publish its final rules as soon as possible and the industry will be the judge of whether the regulator has used its resources effectively.
He says: “The industry is now screaming for the publication of the MMR as the continued uncertainty means customers are not able to get the mortgages they deserve. Any project that runs for a number of years and has a seven-figure budget in a commercial place will be subject to scrutiny and independent review. As the people funding the MMR, the industry has a right to challenge whether it has been money well spent.”