However, the second readiness survey also confirmed all brokers expected to implement the necessary changes in time.
To help clarify the rules and offer help on implementation, the FCA is offering a webcast which lasts 33.27 minutes summarising key points from its MMR broker workshops. The webcast is not intended to be a comprehensive guide
The webcast covers an overview of where intermediary firms should be in their preparations at this stage, a summary of the responsible lending requirements under MMR as they affect lenders and how initial disclosure should take place with examples.
It also outlines key points about execution-only, the advised sales process under MMR, including the nine factors to consider when assessing appropriateness and the FCA’s expectations on systems and controls.
Linda Woodall, director of mortgages and consumer lending, said: “Late last year we toured the country meeting firms and helping them prepare for, and better understand, the new rules that come into force with the MMR in April. Now, for those who were unable to make any of the seminars, we have created a webcast that includes many of the materials we presented. The webcast is free to access so that firms can hear directly from us and we can help ensure consistent understanding across the industry.”
For the webcast, click here, and for teh dedicated area on the FCA website on the MMR rules.