The FCA has updated its webpage on the Mortgage Credit Directive (MCD). The update covers the following points:

  • Firms looking to apply for authorisation in respect of second charges still have time to apply for regulated mortgage permissions.
  • Interim authorised firms must apply for a new interim permission before 21 March 2016 in order to continue doing regulated mortgage business.

From 21 March 2016 (when the MCD comes into force), the regulation of second charge mortgages will move from the FCA’s consumer credit regime to its mortgage regime.  In the interim, the FCA cannot authorise firms but will issue “minded to authorise” letters in some instances.