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Mortgages remain outside RDR

The FSA has ruled out implementing the RDR in the mortgage market in light of current conditions but is keeping an open mind for the future.

The FSA says there are no current plans for a “read-across” of the RDR from the investment market to the mortgage or general insurance markets.

It says: “We have an open mind about where the review goes and, as its aims are for the long term, implementation may occur when market conditions are very different.”

The regulator says if feedback from the paper and its own analysis suggest a wider application of the RDR, it will reconsider and discuss it with the mortgage market. It suggests this would be part of the wider review of Mcob announced in its 2008 business plan.

Mortgageforce chief executive Rob Clifford says: “I am really delighted it has been ruled out for the time being. Both ourselves and the Association of Mortgage Intermediaries have been lobbying hard to get some clarity on this so it is very much welcomed.”

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