Packagers were given in depth briefings on the contents of CP186 and other recent consultation papers. An explanation of the process and timetable for both FSA authorisation and the onset of regulation was rounded off by question-and-answer sessions.
Stuart Aitken, SPML’s director of credit, commented: “The Regulation Roadshows are part of our ongoing support for packagers in the run up to Mortgage Day. The briefings were designed to move on from the pure theory and to help our packagers think about what practical steps they need to take now. This included preparation for 1 January 2004, when applications for FSA authorisation start, as well as an outline of how the sales process will operate in future under FSA rules. Feedback from packagers and brokers shows that this is exactly what they needed, and we are already planning the next round of roadshows for late Autumn, once the Near Final Rules have been published.”
A concise 6 page guide “What Does Mortgage Regulation Mean for Me?” is available free from the “Compliance Updates” section of the SPML website: www.spml.co.uk
