FCA to speak at ASTL conference

The Financial Conduct Authority (FCA) will discuss the impact of the EU Mortgage Credit Directive (MCD) on borrowers and brokers at the Association of Short Term Lenders’ (ASTL) annual conference.

Lorna O’Brien, technical specialist in the FCA’s mortgage sector team, will speak at the conference, which takes place on 1 October at Painters’ Hall in the City of London.

She will address the audience on the implications of the MCD, how it will affect the mortgage market as a whole and the implications for bridging lenders and brokers.

This year’s conference, entitled, “Bridging – Problems and Solutions”, will look at the challenges for the bridging industry including the Eurozone issues, prevention of fraud, increasing levels of regulation and the implementation of the Mortgage Credit Directive. 

Vince Cable, the Secretary of State for Business, Innovation and Skills in the 2010-2015 coalition Government, will be the ASTL’s keynote speaker, speaking about the current political environment and his predictions for the economy. 

Benson Hersch, chief executive of the ASTL, said: “Having someone from the FCA to speak at the conference will give attendees a unique insight into new developments in regulation, particularly with regard to the MCD.

“New legislation will play a huge role in changing the shape of the market as we know it, and Lorna O’Brien will present the problems and solutions from the perspective of the regulator and how it may affect everyone at the conference.

“The ASTL has had a number of productive meetings with Lorna and her colleagues, so we look forward to welcoming her once again so that lenders and brokers can hear directly her insight into the current regulation and how it will affect the bridging market.”

O’Brien said: “It is a very important part of what we do at the FCA to engage directly with both lenders and intermediaries. 

“Bridging is an important niche market that will be affected by the MCD, it will therefore be useful both to the FCA and to those present to discuss the new EU regulation from a bridging perspective.”