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FSA will not postpone Mortgage Day deadline

The FSA has declared there is “no hope” of postponing Mortgage Day from October 31 in response to rumours that lenders are struggling to be ready.

Industry sources have told Mortgage Strategy some lenders are saying they want an extension of the deadline, but no lender will confirm or deny this.

Robin Gordon-Walker, spokesman for the FSA, says: “There is no hope that the date will be changed. That would be a government decision, outside of the FSA&#39s area of control. If things were getting really behind it could be a different scenario, but there is no possibility of that happening.”

A variety of names have been put forward as rumoured to be wanting an extension including Portman which has been dedicating a lot of resource to the integration of Staffordshire. But Portman spokeswoman Lynsey Hallam denies this.

As one industry source says: “There is no way we&#39ll get an extension – the only alternative is for firms to close for new business post-Mortgage Day.”

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