Cost of new mortgage regulation more than £750m

Documents released alongside the FSA's Consultation Paper 186 "Mortgage regulation: draft conduct of business rules and feedback on CP 146", reveal that the potential cost of mortgage regulation being introduced next year could hit more than £750m over a 15-year period. That is the view of consultancy National Economic Research Associates, appointed by the FSA to research the costs and benefits of proposals put forward in CP 146 "The FSA's approach to regulating mortgage sales", released in August last year. NERA says that the additional one-off cost of the new rules to lender...