The FSA was set to publish the results of its consultation in June 2008 but due to the massive response it has received from the financial services industry, it will now issue an interim report in April before a complete review in October.
The move, it believed, would give the market a clearer indication of what the FSA’s thinking was on the subject at an earlier opportunity, while it insisted that the process of implementation would not be slowed, despite the sheer number of responses it had received.
Speaking at the Institute of Economic Affairs, Stephen Bland, director, small firms division at the FSA, said: “We want to give the market as much information as we can, as soon as we can, about what we have heard and what we have found both in the interests of transparency and to keep up the momentum.
“It is clear that the feedback we are receiving adds up to a widespread view that the eventual RDR proposals will need to have greater transparency to consumers and market practitioners if the RDR is to achieve the outcomes for the market and for consumers for which we are striving.”
Bill Warren, associate director at the Regulatory Association of Mortgage Packagers, commented: “Issuing an interim report is sensible as the uncertainty is not helping the financial services market. However, by April, we’ll have a good steer about how much this will affect the mortgage market, although I’m still struggling to see what is broken in the mortgage market that needs fixing with the RDR.”
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