Lenders need 18 months for implementation of new lending rules

Aaron Strutt Image
After more than three years of debate and deliberation, mortgage lenders now have the Financial Services Authority's (FSA) extensive mortgage market review final rules. According to the Council of Mortgage Lenders, there were few surprises in the final rules, although one unexpected outcome is an increase in implementation and compliance costs for the industry as they have been increased by £2 million. The CML continues to say that companies will need an 18-month timeframe for implementation before the rules come into effect in April 2014. Next year, the FSA will be replaced by the Financial Conduct Authority. November 2, 2012
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