Treasury Committee to grill regulator on MMR

FSA chiefs are to be grilled by MPs on the Mortgage Market Review next month.

The Treasury Committee announced last week it will be holding an evidence session with the FSA on March 14.

Lord Turner, chairman of the FSA, and Martin Wheatley, managing director of the Conduct Business Unit at the FSA, will be giving evidence to MPs on the regulatory proposals, due to come into force in 2013.

Association of Mortgage Intermediaries director Rob Sinclair says: “The TSC asked us for some evidence on the MMR and the details have to remain confidential until after the hearing.

“We highlighted areas like interest-only transitional arrangements, advice and the delays to the approved persons register. We hope these will be discussed at the meeting.”

Building Societies Association head of mortgage policy Paul Broadhead says the committee is likely to scrutinise issues such as whether the MMR will depress mortgage lending further, how the regulation will work together with the European mortgage directive, and how confident the FSA is that there will be no unintended consequences.

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