However, new regulator the FCA said the broker community was further ahead in its preparations than the lending community.
“To a great extent that is understandable,” Linda Woodall, director of mortgage and consumer lending at the FCA told Mortgage Solutions.
“Lenders have the lions’ share of work to do. Their task is more sizeable and ranges from systems changes to training of staff.”
Woodall added it’s not a case of further communications with lenders, but mobilizing to take in the scale of the changes ahead.
The FCA said it would be offering further help to non-bank and niche firms, including bridging, equity release and sale and rent back lenders.
The regulator said extra MMR readiness help will be delivered through various channels, including face-to-face meetings and web-based materials, alongside half-day workshops running from October to November this year.
In February next year, the regulator also plans to run a series of face-to-face surgeries for smaller firms in particular and plans to publish extra last minute information.
The regulator said key outstanding issues troubling brokers included disclosure requirements and execution-only sales in particular, with advisers confused that they may have to offer execution-only alongside advised.
The FCA confirmed that no institution is obliged to offer execution-only sales.
