March voiced his concerns during a presentation to the Association of Mortgage Intermediaries (AMI) London regional meeting last month. It is believed the lenders felt they will not be able to fulfil FSA compliance requirements in time for the 31 October deadline.
March said that one of the lenders was of a medium size.
Tony Jones, managing director of Pink Home Loans, said: “The question now is, how any more lenders will start admitting that they have left it too late to get their houses in order?”
The MCCB refused to divulge the names of the lenders concerned. Brad Baker, head of communications at the MCCB, said: “Luke was making the point that all firms, not just brokers, need to take action to ensure they are ready in time. Up to now much of the focus has been on broker firms.”
Rachel Blackmore, head of external affairs at the Building Societies Association (BSA), commented: “I still have not heard of any concerns from our members. Hopefully these concerns will turn out to be like the millennium bug when everyone panicked for no reason.”
