The FCA has published Policy Statement 15/10: MIPRU Chapter 4 simplification: Feedback on CP14/28 and final rules (PS15/10).
In PS15/10 the FCA summarises the feedback it received to its December 2014 consultation on simplifying the Prudential Sourcebook for Mortgage and Home Finance Firms, and Insurance Intermediaries (MIPRU) for non-bank lenders, gives its response and sets out the final rules.
In PS15/10 the FCA notes that respondents generally welcomed the proposals to simplify the provisions in MIPRU 4 and make it a standalone chapter. Therefore the FCA does not consider it necessary to revise the proposals as they were presented in its December 2014 consultation, although it has clarified the term ‘exposure’ and ensured consistency with new requirements elsewhere in MIPRU as a result of the implementation of the Mortgage Credit Directive.
The final rules set out in PS15/10 will come into force on 26 April 2015. All non-bank lenders should review the changes to MIPRU to establish how the revised rules will affect their business and what changes, if any, need to be made to ensure compliance.
View PS15/10: MIPRU Chapter 4 simplification: Feedback on CP14/28 and final rules, 30 March 2015