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FCA exempts two lenders from some elements of the MMR

The FCA has waived elements of the MMR rules for two mortgage lenders after a number of firms applied to be made exempt from aspects of the new regime in the run-up to implementation.

In the first three months of this year the regulator made decisions on six applications from mortgage and bridging lenders to waive or modify a rule relating to the MMR. Of those, two were approved and four withdrew although the FCA has not named them.

Among the MMR rules which lenders requested to be waived were those relating to affordability assessments, interest-only mort-gages and equity release.

The FCA has the power to waive or modify handbook rules and says it will do so if a firm can demonstrate that complying with the rule would be unduly burdensome or not achieve its purpose and if granting the waiver will not adversely affect any of its operational objectives.

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