Both the CML and the BBA have published their responses to the consultation paper (CP11/31). See CML’s response and press release and BBA’s response. The BBA supports the CML’s response and focuses in its response on niche market areas of bridging finance, high net worth mortgage lending and business lending.

The FSA proposes to publish a feedback statement and final rules in summer 2012. However, it does not plan to implement the proposals before summer 2013. The FSA will also have regard to market conditions and may defer implementation if that proves necessary. That said, if there is widespread support for particular proposals (for example, in relation to mortgage arrears charges), the FSA may implement some aspects sooner.