Emma RadmoreFollowing publication of CP19/14 (the consultation looking at proposed changes to responsible lending rules for mortgage customers), the FCA announced on 27th August 2019 that they have set up an Implementation Group in relation to the same.
The FCA has confirmed that this group is made up of trade associations, lenders and third-party administrators who will help with the industry’s preparation for the affordability assessment changes. Through this role, the FCA believes industry will be able to take advantage of the updated assessments sooner if they do proceed with the rules later in the year.
The announcement confirms the objective and aims of the group, its membership and also details of the forthcoming meetings.