On 27 August 2019, the FCA updated its webpage on the March 2019 Consultation Paper: Mortgage customers: proposed changes to responsible lending rules and guidance (CP19/14) (see blog post here). The FCA has included an additional note that it is now considering responses received to CP19/14 and if it decides to proceed with proposals, it  intends to publish rules with a policy statement in late 2019.

The FCA has also published a new webpage providing information on an implementation group of trade associations, lenders and third-party administrators featuring summaries of their discussions after each meeting. The group’s first meeting commenced on 2 August 2019, subsequent meetings will take place on 29 August and 4 October 2019.

The aim of the group is to assist the industry’s preparation for taking advantage of the proposed modified assessments, as set out in CP19/14, sooner, if the FCA does proceed with implementing the rules later in the year. To achieve its objective, the group will look to, among other things, resolve any misunderstandings about the intention of the policy, address when lenders may be ready to make use of the modified rules and develop a cross-industry approach to ensuring successful consumer engagement on the availability of switching options.

A list of the initial group members is available on the new webpage. The FCA states that the group displayed a willingness for its membership to expand over to time to other interested parties such as intermediaries.