The Council of Mortgage Lenders (CML) has informed all lenders that the FSA will be writing to chief executives setting out the key findings of its review.
The FSA review was announced following the launch of Mortgage Introducer’s ‘Get The Facts Straight’ campaign.
Christopher Dean, press officer at the CML, said: “I can confirm we have informed lenders but have no exact date when the review will be sent to them by the FSA.”
James Cotton, mortgage specialist at London & Country, said: “We have to hope the FSA recognises the fact that KFIs should be standardised. The substantial issue of the differing lengths between lenders’ KFIs has always been an issue.
“The more information that appears on the KFI doesn’t necessarily help make it clearer or fairer. On a positive note it is good to hear the FSA has taken concerns highlighted by the industry and the press seriously and has acted relatively swiftly.”
Chris Belcher, mortgage adviser at Gillingham-based A2B Mtg Co Ltd, said: “It’s a case of wait and see and we have our fingers crossed. The variation in lenders’ KFIs at the moment is horrendous; we can only hope the FSA has succumbed to pressure from publications such as MI to standardise them.”
Robin Gordon-Walker, spokesman at the FSA, admitted the FSA is writing to all lenders with the findings and that the letters are imminent.
He said: “The letters will be in the post shortly; we will be making a formal announcement in the next week or so after the lenders have had a day or two to evaluate the key elements of the review.”
