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Regulator warns: plan for the worst

The UK's Financial Services Authority has warned lenders to prepare sooner rather than later for the threat of funding markets staying shut. Rob Mannix reports

UK mortgage lenders should plan for the worst as the liquidity crunch continues to affect their business, warned a senior regulator last month.

Speaking at the annual conference of the Council of Mortgage Lenders, Clive Briault, managing director for retail markets at the Financial Services Authority, told delegates: "You need to consider contingency plans against the worst outcomes, and to review

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