MAR 2015 – Difficult decisions
The Financial Policy Committee meets again on 24th March 2015, 6 days after George Osborne delivers the final budget of this government. Having undoubtedly calmed the house price inflation that was troubling the committee at its last meeting, they will be trying to establish if it was the Stamp Duty changes, their intervention on LTI […]
MAR 2015 – Why is protection a hard sell?
Post the PPI scandal should more consumers take out mortgage protection and what are the benefits of doing so? Protection has long been a product that has to be sold, evidenced by the fact that few consumers make appointments to discuss such needs and most that is sold is linked to their mortgage. The one […]
FCA confirms policy proposals for 2015/16 regulatory fees
The FCA proposed its 2015/16 policy for regulatory fees and levies in the form of a consultation.
FEB 2015 – Boys and their Toys
The responses to the financial crisis and the conclusion that the regulatory structures had failed, meant that politicians had to be seen to do something. Part of the solution was to introduce the Financial Policy Committee that has been given a range of tools to ensure that in addition to the Monetary Policy Committee controlling […]
FEB 2015 – Stand and deliver – the money or?
Having seen 2014 deliver £205bn of gross lending, what is going to happen in 2015 to drive volumes higher? Whilst the CML and other significant industry commentators are predicting another 10% growth to £225bn, the early indicators are that we have not seen any further increase in activity yet. Of particular concern is that estate […]
FEB 2015 – Longer term fixes
There are currently some phenomenal longer term fixed rates on offer, but something seems to prevent UK consumers from opting for these attractive options. In a world where advice is now the norm, understanding consumer needs and their attitude to risk is key. So in making recommendations any adviser has to be mindful of committing […]
JAN 2015 – Two birds in less than two years
Less than a year after we implemented the most significant regulatory changes to the market under the Financial Conduct Authority’s Mortgage Market Review (MMR), we are now looking at the changes required by the Brussels version of the review into the mortgage market, which the UK must implement by 21 March 2016. The UK Treasury […]
JAN 2015 – Affordability
Many lenders used to be happy to lend on self-certification of income where the applicant had a good credit score and no adverse credit history. Others used simple income multiples to agree the amount they were prepared to lend. The great recession and the MMR meant that lenders had to take a new view on […]
JAN 2015 – Treasury muffles the European drum
Treasury has now laid the required draft statutory instrument before Parliament to implement the European Mortgage Credit Directive. In doing so they have recognised that last years’ MMR made most of the changes required to deliver an effective UK mortgage market. The government wants to minimise the impact on the UK market as far as […]
JAN 2015 – The New Year view
As we arrive in the New Year, there are many reasons for brokers to be cheerful. 2015 will be a year of stability without great regulatory change, before we introduce the European Directive in 2016. Whilst there will be much to debate it should not impact on the ability to do business. All commentators are […]
FCA’s implementation of the EU Mortgage Credit Directive
Following HM Treasury’s publication of its consultation on the EU Mortgage Credit Directive (MCD), the FCA has now published its consultation.
HM Treasury consults 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). The aim of the consultation is to ensure that the UK meets its obligation to transpose the MCD by 21 March 2016.
