MMR: This is it, not much left to change
The Financial Services Authority has said it does not expect to move much more on the Mortgage Market Review.
Although the FSA acknowledges the latest MMR is a consultation paper and is welcoming feedback on its proposals from the industry, the regulator believes it has got the package of rules right this time.
Lynda Blackwell, manager of the mortgage policy team at the FSA, said: "We've been encouraged by the reaction we've had from our discussions with the trade bodies and individual firms.
"Nothing is set in stone. This is a consultation but we've had so much dialogue that we're not expecting it to move too much."
The previous three MMR policy papers have generated a huge amount of discussion within the industry and Blackwell said she believed this paper reflects the feedback received.
"We've spoken to lenders, intermediaries and trades bodies and we believe we're now getting to a package of measures that are targeted to address the problems we saw in the past," she added.
Sheila Nicoll, director of conduct policy at the FSA, agreed that the industry had helped to shape this MMR paper through its feedback.
She added: "The important thing is that I think we've shown we've listened very carefully up to now and have responded to calls in the industry, including on this consultation.
"The industry said they wanted to see the whole thing being brought together in a single package and we've done that.
"We've really appreciated all the feedback we've had and we're continuing to listen."
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- MMR: Summary of the proposals
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- MMR: No broker responsibility for affordability
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- MMR: HNW given special treatment
- MMR: Non banks given tougher capital requirements
- MMR: 25-year term and capital buffers dropped
- MMR: No percentage target for advised sales
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- MMR: Borrower responsibility matters
- MMR: No date for individual registration
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- MMR: Bridging put under the microscope
- MMR: Non-bank rules to apply to bridging
- MMR: One in 40 locked out of homeownership
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