Plan for the worst, says regulator

The UK Financial Services Authority has warned lenders to prepare in case the funding markets stay shut

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

Speaking at the annual conference of the Council of Mortgage Lenders (CML), Clive Briault, managing director for retail markets at the Financial Services Authority (FSA), 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

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