The FCA wants to collect additional data about mortgages to monitor and supervise conduct in the mortgage market, given the changes in regulation coming into effect on 26 April 2014 as a result of its Mortgage Market Review (MMR). Deadline for comments is 15 August, 2013.
The MMR introduces a package of reforms to the mortgage market, including new rules on responsible lending and new prudential requirements for non-deposit taking mortgage lenders. So FCA is proposing rules on data collection that will help to supervise these new requirements effectively and efficiently, and FCA wants to hear opinions on them.
This CP is aimed at:
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a mortgage lender or other home finance provider; or
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a home finance administrator who collates or submits regulatory returns; or
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a firm that advises on or arranges mortgage or other home finance products; or
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a body representing any of these firms.
These proposals may be of interest to consumers. While the proposals themselves do not directly affect consumers, they will result in collecting and processing more personal data than FCA does currently.
FCA wants to receive comments by 15 August, 2013. FCA will continue to engage with firms and other interested parties during the consultation period. FCA will consider received feedbacks, and FCA intends to publish its rules in a Policy Statement later this year.
Press release
Full consultation paper
© FCA - Financial Conduct Authority
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