FCA Issues MMR Survey

Yesterday, The FCA sent out a number of emails to firms regarding a survey that they want completed within 10 working days of receipt. This is Stage II of the Mortgage Market Review (MMR) Engagement Programme ( Stage I was the series of workshops that were held earlier this year). I don't think that everyone has received the emails yet  but my assumption is that they will be  addressed to all firms over the next few days. If you haven't received it, it is probably on the way. If you haven't received it by early next week, you should check you spam filters and all the usual suspects.

It is important that you respond well on this and in time. Don't forget that the FCA have indicated that they will use these types of contacts as a part of their monitoring of firms performance and risk profile. Failure to respond, or failure to respond in good time should not be seen as an option. Of course, a poor quality response doesn't go down too well either. It is also, in most cases, your first real direct contact with the FCA on a working basis: you don't want to get it wrong.

Given that this is part  of a programme, you should be  looking at what was issued by the FSA in Stage I before responding to the FCA's Stage II. For a bit of quick reference, you can refer to my blog in April headed up FCA web site and the MMR. You should also have  a look at the document issued by the FCA in Stage I that sets out their views on MMR  planning which I assume ( ah! but we know what ass-u-&- me does don't we ) that this is part of the style of questions that we can expect. The link is as follows :- http://www.fca.org.uk/your-fca/documents/fsa-mmr-planning-tool .

I should say that at this point in time I have not actually looked at the survey myself - I'll do so shortly and post another blog on this on Monday - so watch this space. I have  hopefully already contacted all my subscribing clients directly by email but if you haven't received anything from me already then please advise. Anyone out there wishing to contract a little of my time for additional support in responding to the FCA, please email me directly on my email, david.c.payne1@btinternet.com.