Mortgage Day is upon us and the last frantic efforts to comply with the FSA regime are under way. What is clear is that some organisations are in a much better state than others.
The pressure points are obvious – key facts illustrations, pressure on sourcing systems and new broker networks which may not achieve the required membership. No doubt, many lenders and the already regulated intermediary businesses are also concerned about that FSA knock on the door.
It is very likely that the cost will be much higher than expected. We wonder if the FSA's cost-benefit analysis would stand any test now if the real numbers from across the sector were fed in to the analysis. That is, of course an argument already lost. After M-Day, we simply hope that the FSA applies some common sense and does not jump in feet first.