 |
| LATEST LATEST LEGAL NEWS ARCHIVE |
LATEST NEWS & EVENTS Mortgage market reforms unveiled by govt  New measures affecting residential property conveyancing have been unveiled by the government. The Treasury outlined the reforms to the mortgage market, which it hopes will increase consumer protection. New and existing second charge residential mortgages will be regulated by the Financial Services Authority (FSA). The move brings the entire market within the FSA's remit, as it already covers first charge properties. In addition, the measures will ensure consumer protection is maintained when a mortgage book is sold by a lender to an unregulated firm and extend the current regulations of the sale and rent back market to all providers. The reforms have been broadly welcomed by the Council of Mortgage Lenders (CML), though it warned they will add to the regulatory burden. CML director-general Michael Coogan said: "With yet more mortgage activities to become regulated, as well as the Mortgage Market Review to finalise, it is more important than ever to focus on the key outcomes that regulation needs to deliver." He warned that without this approach, implementation of regulations "could become unmanageable" for companies and the regulator. Posted by Gaby Hamerton 
Related Articles: 17/5/2012 - Discussing death remains taboo as wills and inheritance tax planning suffers 11/5/2012 - Queen's Speech legal reforms welcomed 4/5/2012 - Create Lasting Power of Attorney before it's too late 2/5/2012 - Support for will writing regulation grows 25/4/2012 - Inheritance tax planning could net £450m a year in savings More Individual Legal Services News |
|||
| © 2012 Lamport Bassitt | DEFAULT ZOOM | DISABILITY INFORMATION | LEGAL INFORMATION |