Bridging remains on FCA’s radar

Speaking at the astl conference earlier today O’Brien also said that she felt that the April’s transfer of bridging lenders, currently regulated by the Office of Fair Trading, to the FCA would be a positive move for the market.

She said: “Non regulated bridging continues to be a concern to us.

“We will continue to monitor those lenders outside our regulation and should we receive intelligence from the industry, or perceive any bad practice from non regulated lenders, we will look at pursuing criminal prosecutions.

“We also look forward to the lenders currently registered by the OFT coming under our regulation.

“All OFT registered bridgers will have to apply for an interim permission from the FCA and that will give us a chance to take a closer look at them.

“We hope the transfer of these bridgers will help level the playing field for all regulated lenders.”

OFT regulated bridgers will have to apply for their interim permission before the transfer to the FCA in April 2014.

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