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Development of mortgages regulations
Now we have replied to the Ministry of Business Innovation and Skills enquiry, which was looking for opinions on ways to enhance consumers' choices, as well as improved guidance..... There has been a public hearing from the Department of Business Innovation and Skills (BIS): Only in 2004 did the mortgage products become legally regulated.
The former Financial Services Authority (now the Financial Control Authority) then introduced the mortgage regulatory system for home owners introduced under the Financial Services and Markets Act 2000. The CML Mortgage Code was in existence as a self-regulatory system between 1997 and 2004. Under the supervision of the Group' s Mortgage Code Compliance Board, it was applicable to both creditors and brokers.
Today there are two parts to mortgages regulation: Behavioural regulations managed through the regulations of the FCA (Financial Conduct Authority) and MCOB ( Management Committee for Business Conduct). In 2014, these were significantly revised as part of the FCA Mortgages Market Review (MMR). Regulatory requirements that determine the amount of principal that creditors must retain in order to balance their credit exposures and reduce the exposure to volatility throughout the entire system.
It is supervised by the Crudential Regulatory Authority (PRA), part of the Bank of England, for deposit-guarantee undertakings and by the EAEC for non-deposit-taking undertakings. Besides the regulations of single creditors by the Financial Regulatory Authority (PRA) and the Financial Conduct Authority (FCA), creditors must also consider supplementary macro-prudential regulations in the shape of instructions and advice from the Financial Policy Committee (FPC).
On 25 March 2015, Parliament adopted ordinances giving the FPC power to act on instruments for building houses and, in particular, restrictions on the provision of loans for building houses by referring to loan-to-value (LTV) and debt-to-income (DTI) conditions. There are different behavioural regulatory standards according to whether the home mortgages or real estate mortgages are covered by a buy-to-lease or not.
While all homeowner mortgage loans are EZV-run, most buy-to-lease mortgage loans are not. Recent important developments in regulations include the European Mortgage Credit Directive and the buy-to-let of consumers concerning the UK legislation. EZV has made some changes to the Ordinance, which entered into effect on 21 March 2016, to make sure that the UK scheme fully conforms to it.
Now we have responded to the Ministry of Business Innovation and Skills hearing, which was looking for opinions on ways to enhance consumers' choices, as well as improved guidance and advocacy and a quicker transition for providers. Our answer was to identify the complexities of the mortgages change cycle.