As the mortgage industry continues to develop following the FCA’s Mortgage Market Review and the European Union’s Mortgage Credit Directive it remains critical that the first and second charge markets continue to evolve and work closely together.
In order to consider, debate and challenge accepted norms the Association of Finance Brokers, the trade body for second charge mortgage professionals, has elected its replacement for Marie Grundy who stood down at the end of last year after almost 4 years on the AMI Board.
Robert Sinclair, Chief Executive said, “The AFB membership has been conducting a contested election and I am delighted to advise that Tim Wheeldon of Fluent Money, based in Bolton, has won that election. His role is to ensure the crucial role played by the second charge industry is understood and represented. This will ensure that the issues faced by finance brokers are considered and reflected in key debates.
“We will continue to hold regular AFB member meetings to understand the issues confronting the sector and ensure all regulators hear first-hand the key messages. We urge all non-members to sign up to get their voice heard. A strong and effective trade body needs support from all parts of the industry in order to deliver improved standards.”
Tim Wheeldon said, “I am honoured and delighted that I have been chosen for this position on the AMI Board. I am passionate that the second charge sector is given the space it needs to be properly heard and also to grow. We have a way to go to ensure that intermediaries are fully aware of where and when they should be recommending a secured loan and I want to use my time on the Board to pursue an agenda which ensures that advisers have the facts to make an informed and confident recommendation for clients, as well as promoting the value of the second charge sector to government and regulators.”
Following feedback FCA has issued a revised Consumer Credit fees consultation paper to address the concerns raised about the impact its proposed regulatory fees regime would have on smaller firms.
The new consultation seeks to amend the proposals made for firms seeking full Consumer Credit permissions. It does not amend any other parts of the original paper – CP13/14 regulatory fees and levies: Policy proposals 2014/15.This content is for members only.
FCA opens its Consumer Credit registration process alongside a programme of rebates and early discounts.
From today (2nd September 2013) broker firms will be able to register their consumer credit licence with the FCA to begin the process of transferring from the old OFT regime to come under the new FCA’s consumer credit remit.This content is for members only.
Following HM Treasury’s publication of its consultation implementing the EU Mortgage Credit Directive (MCD), the FCA has now published its consultation.
HM Treasury’s consultation confirmed that FCA would be responsible for transposing the MCD through its Rule and Guidance. The FCA’s consultation sets out how this will be done.
The MCD applies equally to first and second charge mortgages and the UK government has decided that second charge mortgage regulation should move from consumer credit to the mortgage regime.
The changes made under the MCD must be implemented by 21 March 2016.This content is for members only.
AFB - HM Treasury has published its consultation on the implementation of the EU Mortgage Credit Directive
HM Treasury has published its consultation on the implementation of the EU Mortgage Credit Directive (MCD).
HM Treasury has made FCA responsible for transposing the directive. As such the MCD will not be copied out into legislation but will be implemented by FCA’s handbook rules and guidance.
As excepted because the MCD covers both first and second charge mortgages, HM Treasury has confirmed the second charge mortgage regulation will come under FCA’s mortgage regime and not its consumer credit regulation.This content is for members only.