At the Association of Short Term Lenders (ASTL) Conference 2016, speaker Lynda Blackwell, mortgage sector manager at the FCA, admitted that some firms were unsure whether EU regulations would remain in place following Brexit.
“Very often we have been asked whether firms can ignore all the changes introduced under the Mortgage Credit Directive [MCD], and the answer is: no, you can’t.
“All the changes introduced under the MCD remain unaffected and everything will remain unchanged unless or until the government changes legislation.”
Bridging & Commercial asked Lynda whether the EU referendum had caused fewer firms to seek authorisation in anticipation of potential regulatory changes.
“We are seeing authorisation numbers come through,” Lynda stated.
“In fact, I think in the past year we’ve had more new authorisations than we have [had] in the past three years.
“So there is absolutely nothing to suggest that it is impacting on the market.”
Lynda also suggested that regulatory legislation may remain unchanged for the foreseeable future.
“…The legislation is the legislation.
“So we are expected, everyone’s expected, to work with it as it is … Because the regime is here to stay for quite some time yet.”
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