MCD Data Request

Wow, December seemed to have flashed by in a blur of Consumer Credit applications. However, here we are 2016 looking forward to the implementation of the Mortgage Credit Directive and dare I say it, the demise of the second charge market. Of course I could be  wrong!

With the MCD in mind, all firms are or should be receiving notifications from the FCA asking them to complete an MCD Data return on the Connect system. If your wondering what Connect is then it is the new information reporting system from the FCA to replace the old ONA system that was switched off last year.

Point number one. If you are not already on Connect you need to sort it. Call the FCA Firms Contact centre and select the Connect option from the menu. I have found the team there to be  extremely helpful.

Point number two. For the avoidance of doubt Connect does not replace GABRIEL and the RMAR.

The notification from the FCA gives firms until 28th January (certainly in those documents I have seen so far) to respond the the Data Request so it is important to get onto this right away. It will only take a few minutes.Please be  aware that your deadline date may differ from the one I have given.

There are three basic areas:-

• who is responsible for MCD;
• whether your firm is tied or not (i.e. if you are not offering whole of market or a panel broadly representative of whole of market);
• whether you will be  offering second charges from 21st March 2016.

That's basically it. No reason to procrastinate. If you want any assistance with it, please let me know by responding to this post.

Happy New Year!