FCA publishes regulation round-up clarifying changes to its supervisory model
The Financial Conduct Authority (FCA) has published its September issue of Regulation round-up which includes changes to its supervisory model and how it classifies firms. It is moving away from the existing C1-C4 conduct categories and will categorise firms as either "fixed portfolio" or "flexible portfolio" to support a sector based approach. The former will remain subject to a programme of firm or group-specific supervision, while the latter will be subject to event-driven reactive supervision and thematic issue or product supervision only with access to a contact centre. This will affect approximately 70 firms which will be changing category.
FCA, 17 September 2015
The FCA on its website reminds the sector that the Mortgage Credit Directive Order 2015 requires all firms acting as lenders, administrators, intermediaries or advisers in relation to consumer buy-to-let (CBTL) mortgage activity to be registered with them by 21 March 2016. In this regard, authorised firms can now register as a CBTL firm via a new form on the Connect system.
FCA, 16 September 2015
Gabriel to move to new location
The FCA has announced that it is moving its online regulatory reporting system to a new location on 21 September 2015 and has published a quick reference guide explaining how to log on in this respect.
FCA, 15 September 2015
CML estimates gross mortgage lending reaches £20 billion in August
The Council of Mortgage Lenders has estimated that gross mortgage lending reached £20 billion in August. This is 12% higher than last year but 8% lower than July’s lending total of £21.7 billion.
CML, 17 September 2015
CML: Mortgage lending data – July 2015
The Council of Mortgage Lenders has published new data providing a breakdown of mortgage lending in the UK. They find house purchase lending is up 9% compared to July last year and that buy-to-let continues to grow year-on-year and month-on-month, mainly driven by buy-to-let remortgage activity.
CML, 15 September 2015