Regulator warns: plan for the worst

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 and revise these in the light of market conditions."

These should include plans for how to cope with

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