Purely Mortgages chief executive Mark Chilton says the FSA should have given the industry a transitional period to prepare for M-Day.
As a result of the problems that are likely to occur, Chilton says the FSA may be more relaxed towards those suffering difficulties.
But Chilton says it is quite extraordinary that several lenders have not tested their systems yet in the “real world”.
Chilton says: “What amazes me is we haven't had millions of pounds to spend on programmes. We developed our own KFI environment and it has been running for two and a half months. So, we will be pretty relaxed on Monday!”