Fiona Hoyle, head of consumer and mortgage finance at the Finance & Leasing Association, said: "The FCA’s Dear CEO letter acknowledges that firms have already taken action to improve affordability calculations and that some income assessments are working well – but it does also identify where further work is required, which will help firms to fully embed the new regime.
"The industry has been through a period of demanding regulatory change, having been given only nine months to implement the Mortgage Conduct of Business regime. This early insight into where additional change is required will assist firms prioritise their compliance work."
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damian.fantato@ft.com
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