On 20 July 2015, the FCA published a direction made under article 32 of the MCD Order 2015 (SI 2015/910). The direction amends the opening date for applications for entry on the register of consumer-buy-to-let (CBTL) mortgage firms to 20 July 2015. Previously, an FCA direction stated an opening date of 21 September 2015.
The FCA has published a new webpage setting out guidance on the different registration processes depending on the current regulatory status of a firm. Firms with consumer credit interim permissions and authorised firms will be required to make an application via an online Connect form, whilst unauthorised firms without consumer credit interim permissions will be required to apply via a paper form available on the FCA website. Registration fees will be set at £100 for firms with existing FCA authorisation or interim consumer credit permissions. Firms with interim permissions for consumer credit will be able to apply for registration as part of an application for full permissions, but will be subject to the higher of the fees for the relevant regulated activity. In addition to this, the FCA has also updated its website on getting authorised.
The FCA has published a factsheet (No 37) for house builders that may be impacted by the UK implementation of the MCD. This factsheet explains that any house builder which has an existing back book of second charge or shared equity loans, or plans to provide these loans, after 21 March 2016, will need to ensure that they meet the relevant FCA requirements.