Edition 2 of the SCM Briefing contained a Feature summarising the outcome of the Financial Services Authority's (FSA) lengthy and detailed Mortgage Market Review (MMR) and the Final Rules as set out in FSA Policy Statement 12/6. With the Final Rules due to take effect from 26 April 2014, the FSA has set out an MMR Timetable showing that a seven-point plan will commence during the first quarter of 2013, with surveys and workshops to be conducted with lenders through 2013 and early 2014 to assess their readiness for the new regime. The FSA will be working with the new Prudential Regulation Authority and Financial Conduct Authority to reflect the changes necessary to the MMR Final Rules at legal cutover to the new authorities on 1 April 2013.

Useful links:

FSA Policy Statement 12/16

FSA MMR Statement