M-Day costs revealed
Research into additional compliance costs forced by new rules being introduced on M-Day at the end of the month has been published by consultant Huntswood.
Its figures suggest 75% of lenders have seen compliance costs increase on average by 59%.
Ongoing costs are expected to increase by an average of 26%, according to more than 8-in-10 lenders.
Some 90% of the 30 lenders surveyed said they seconded staff from other departments to deal with the preparations for M-Day, while nearly all shifted more than half their senior management into dealing with the preparation projects.
Huntswood says while most lenders agree with the benefits of increased regulation, many are troubled by the timing, which has forced resources to be redirected in the midst of a property boom.
The effect will be felt on the bottom line, the consultant adds.
IFAonlineMore news
Darren Smith: Driving client trust
Develop ‘soft skills’
Govt to force firms to reveal pay ratio of CEOs and average worker
Governance reforms expected in May
EY Item Club: Bank of England to hike rates twice this year
Hawkish outlook
Ashburton looks to Fidelity for multi-asset fund selection
Strategic partnership between firms
Investment Influencers: Bambos Hambi of Aberdeen Standard Investments
Catching up with the Influencers
Most read
