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Financial services
Enhancing consumer protection in the mortgage market
The Government is taking forward a series of measures intended to enhance consumer protection in the mortgage market.
The Government has extended the regulation of the sale and rent back market to all providers, to ensure appropriate protection for consumers.
- Impact Assessment Sale and Rent Back By Way of Business (PDF 273KB)
- The Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) (Amendment) Order 2011 (PDF)
- Review of article 5 of the Financial Services and Markets Act 2000 (By Way of Business) Order 2001 (PDF 38KB)
The Government has exempted registered housing associations in Northern Ireland from regulation by the Financial Services Authority. This measure came into force on 26 July 2011.
- Impact Assessment Sale and Rent Back Northern Ireland (PDF 188KB)
- The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2011 (37KB)
The Government intends to take forward the transfer of the regulation of second charge residential mortgages from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA).
Budget 2011 announced a moratorium on new domestic regulation for micro-businesses and start ups for three years from 1 April 2011. As a result, the transfer of second charge regulation will take into account the timing of the wider transfer of consumer credit and not before the Government has clarity on the transposition of the EU Mortgages Directive. This means that any transfer will not take place until at least April 2014 at the earliest.
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