The Mortgage Market Review
The final rules bring change…
Exploring some of the impacts and considerations for firms as a result of mortgage reforms.
The Financial Services Authority’s (FSA) long awaited final mortgage rules were published on 25 October 2012. A series of lengthy consultations with the industry led to the FSA making a number of significant changes that have been welcomed by firms operating in the mortgage sector.
This article highlights some of the key changes and explores some of the potential impacts on participants in the mortgage market. It also looks at some of the business changes which may need to be implemented as a result of the MMR, both to ensure compliance and to maintain sustainable business models.
- Major changes to advised and execution only sales(including High Net Worth);
- Transitional provisions to assist firms and customers; and
- The impact and the challenges firms need to consider.