So how’s it going so far?

This isn’t just a social industry question. It’s also one that the FCA has been asking of firms. The FCA’s readiness tracking findings will be published soon, and it would be a surprise if they revealed anything other than a spread of different levels of readiness.

Lenders are likely to get there on time, whatever their current status in terms of preparation. But that doesn’t mean that plenty of operational issues aren’t still keeping lenders gainfully occupied.

One issue that we know interests brokers is whether lenders will have the right number of qualified staff, and the right job functions, trained and in place to manage anticipated levels of customer demand – and what the knock-on effects for the intermediated sales channel might be. But it would be incorrect to think that other issues aren’t also pressing.

And there are many distractions along the way. Whether it’s detailed discussion of the requirements of post-MMR data reporting to the FCA, or the extent to which Help to Buy loans have to pre-empt regulatory compliance with MMR requirements, there’s plenty of cut-across into many other areas of lenders’ business and operational planning.

We know that intermediaries are keen to hear more from lenders, especially on their pre-MMR broker support, and on their future intermediary relationships in a post-MMR world. This is already happening, and the conversations will clearly develop throughout the autumn.

But don’t underestimate how many aspects of back office processing and the ongoing management of customer accounts lenders are having to think about too. And lender resources are spread across other (even tighter) deadlines, such as the January start date for Help to Buy mortgage guarantee.

Still, looking on the bright side, perhaps by the middle of next year both lenders and brokers will be able to get back to an undiluted focus on the most important thing: ensuring that the regulatory objective of making sure mortgage customers are well served is actually delivered in practice.

Sue Anderson is head of member and external relations at the Council of Mortgage Lenders