Mortgage Market Review architect leaves FCA

Mortgage Market Review architect leaves FCA

One of the architects of the Mortgage Market Review has left the Financial Conduct Authority, the regulator has confirmed.

The FCA has not commented further and it is not known at this stage what Lynda Blackwell’s plans are.

As mortgage policy manager for a decade between 2004 and 2014 at the Financial Services Authority and then the FCA, Ms Blackwell was the principal architect of the MMR.

Introduced in 2014, the MMR created new rules affordability had to be checked more stringently and required tighter qualifications for sales staff.

It also banned self-certification mortgages and tightened the regulations around interest-only mortgages.

Since 2014 Ms Blackwell has been mortgage sector manager.

In 2015 she caused headlines when she suggested older people should be encouraged to down-size to address Britain’s housing issues.

Speaking at an Imla event she said: “You get older borrowers who pay off their mortgage and sit quite happily in a very big house.

“Does there need to be thought given to try to encourage older people to move away and build appropriate housing for retired people in the right places?

“There is a big debate to be had about whether the government’s focus is in the right place.”

Ms Blackwell started her career as a lawyer at Cheltenham & Gloucester and Woolwich Building Society.