All firms planning to conduct mortgage business say they will implement MMR on time, with 85% of firms have plans in place that are either complete or partially complete – up from May last year.
The message to firms throughout the lead up to MMR has been to plan, and the FCA are calling on the minority who have not done so to formalise their plans. There is only a short amount of time left and the regulator has stressed the importance of all firms knowing the changes they need to make on 26 April 2014.
The statement said:
"We are pleased with the industry’s progress to date. Some firms still need to complete their planning and should do this without delay. Firms need to know the changes they have to make well in advance of implementation.
"We have used our survey to listen to the industry and we will produce more help, mainly for intermediaries. This will help firms to finalise their plans and implement the MMR successfully."
