The Financial Conduct Authority (FCA) has issued a video which warns mortgage advisers to apply for second charge authorisations sooner rather than later because full applications need six months to process.
Applications submitted after September may not produce permissions by the March 2016 regime implementation due date.
The second charge regime is moving from the Consumer Credit Regime to the Mortgage Regime. The consultation on the regulatory move closed on 29 December.
The final seond charge rules will be published at the end of March 2015 and brokers can apply for permissions from the end of April.
The regulator offers a Q&A format web cast [9.46] offering answers to some of the common questions asked about the new regime by financial advisers.
To watch the video, click HERE.
