Regulatory Forbearance for Mortgage Disclosure Requirements
The government's Mortgage Charter requires mortgage lenders to meet certain disclosure requirements. However, some firms may not currently have systems in place to do so. The regulatory authority is providing forbearance during this period, but will monitor for compliance and follow up with any firms who are not compliant by the end of 2024. During this period, firms should still provide as much disclosure as possible and explain the risks associated with each option available to customers. The regulatory authority also expects firms to take reasonable steps to ensure customers are informed of the features, costs, and benefits of their chosen option before it takes effect.