Government announces package of measures to enhance consumer protection in the mortgage market
On 26 January 2011, the UK government announced a package of measures to enhance consumer protection in the mortgage market. These measures will:
(i) transfer the regulation of new and existing second charge residential mortgages from the Office of Fair Trading to the Financial Services Authority;
(ii) ensure consumer protections are maintained when a mortgage book is sold by a mortgage lender to an unregulated firm; and
(iii) extend the current regulation of the sale and rent back market to all providers, to ensure appropriate protection for consumers.
The statutory instruments will be published later in 2011.
Date
January 26, 2011