The FCA has confirmed approval for Lorna O'Brien, Mortgage Policy Adviser and bridging specialist, to be a headline key speaker at the inaugural astl conference.
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div>The FCA has confirmed approval for Lorna O’Brien, Mortgage Policy Adviser and bridging specialist, to be a headline key speaker at the inaugural astl conference.
The astl conference, aimed at lenders, brokers and all bridging professionals; entitled “Bridging Today and Tomorrow”; will look at the rapid growth of the market since the credit crunch and focus on what is likely to happen over the next few years and how it will impact on both the bridging and the mainstream lending market.
Expert speakers will examine the bridging market from every angle, including impending legislation, and will discuss how bridging professionals can embrace the changes facing the market and prosper within it. Speakers include a representative from the Financial Conduct Authority, the incoming Chairman of the AOBP, a district judge, a banker and an economist.
Lorna has worked in mortgages for 16 years, including six years at the FCA (previously the FSA). For the past three years she has been the policy lead on responsible lending for the Mortgage Market Review, and currently also looks after several 'niche' areas such as bridging loans and 'high net worth' customers. She has previously worked on the development of the sale and rent back regime, and on mortgage arrears handling thematic work. Prior to joining the FCA, Lorna worked for several lenders and intermediaries, holding a variety of compliance and sales roles.
Lorna O’Brien is the named point of contact for comments on the Consultation Paper CP13/2 (Mortgage Market Review – Data Reporting) – the deadline for responses was 15 August. She will no doubt be covering the impact of MMR on the bridging market, as well as other topics of interest.
The astl is also delighted that Rob Jupp, who will take up his role as Chairman of the AOBP from the 1st September, will be speaking at the conference. Rob, a well-known figure in the industry, is also chief executive of Brightstar Financial. He is a former director of Savills PLC and has been involved with the UK’s specialist lending sector for two decades. He was a consultant for the FCA through the Mortgage Market Review consultation process.
Rob will look at the market from the broker perspective examining the role of the broker in the bridging market. He will discuss how brokers can work more effectively both with lenders and the FCA. New legislation will play a huge role in changing the shape of the market as we know it and Rob has a unique insight into exactly the effect this is likely to have on bridging professionals at every level.
Benson Hersch, Chief Executive of the astl says: “The astl inaugural conference is likely to have a significant impact on the bridging market and how it is perceived. The aim is to better equip every professional within it to cope with the impending changes to our market. One role of the astl is to encourage a higher level of professionalism in the market and the quality of our speakers will play a significant part in that.”
The majority of the MMR changes will come into effect on 26 April 2014 – not that far away, and responsible lenders are very aware of what is required, particularly in assessing affordability and whether there is a credible strategy for repaying capital, as bridging loans are generally interest-only.
The bridging market has provided, and will continue to provide, a useful source of funding for those customers who are unable to obtain short term funding from mainstream sources. The purpose of the conference is to explore the challenges and opportunities facing this sector both today and in the future. It is clear that the constraints of capital adequacy requirements and the need for banks to repair balance sheets will continue to restrict the ability and willingness of many banking institutions to provide funding. As recently reported, net lending continues to fall (eight months in a row to the end of July).
Speakers and panellists come from a wide range of backgrounds, and there will no doubt be much food for thought (as well as for the stomach) at the conference. The astl will encourage attendees to provide questions for the panel, in order to promote a stimulating and perhaps controversial exchange of ideas. Responsible lenders, whether members of the astl or not, are being encouraged to attend the conference. The capacity of the venue is limited, so early booking is essential.
The astl conference will be held at Butchers’ Hall, London, on 10th October.
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