Mortgages timeline

27 April 1999 Burns Committee
Joint Scrutiny Committee on the Financial Services and Markets Bill (the Burns Committee) (HL 50/HC 328), recommended: 'A decision be taken in principle now to bring mortgage advice within the remit of the FSA.'

20 July 1999 Treasury discussion document
HM Treasury published "Regulation of Mortgages: a discussion document by HM Treasury", launching open public debate on whether and how FSA regulation could best protect consumers. Responses were required by 22 October 1999. About 200 representations were received.

Regulation of mortgages: a discussion document

Summary of responses to the discussion document on the regulation of mortgages

13 October 1999 CAT standards consultation document
Standards were published setting out minimum standards for qualifying mortgage products in three key areas: fair charges, easy access and decent terms. The proposals covered two CAT standards, variable interest rate mortgages, and for fixed or capped interest rate mortgages.

Press notice: 163/99 CAT standards help you choose your mortgage

18 October 1999 Treasury mortgage seminar
The Treasury organised a seminar on mortgages, open to the industry, the public and consumer representatives. The FSA published the results of its cost benefit analysis of mortgage regulation.

Press notice: 165/99 Further progress towards a better deal for mortgage customers

20 October 2000 Consultation on Mortgage Regulation Policy and the Legislative Orders
The Treasury consulted on the proposed policy on mortgage regulation and about the orders required to bring these decisions into effect.

Regulating mortgages consultation

Policy changes following responses to the Treasury consultation document ´Regulating mortgages´

12 December 2001 – Announcement that the FSA will regulate Mortgage Advice
Ruth Kelly announced that the FSA was to be the statutory regulator of mortgage sales and advice.12 December 2001

Press notice: 140/01 Consumers and industry to benefit from changes to banking, mortgage and general insurance regulation

Banking Services Consumer Codes Review Group (Julius report)

Mortgages and General Insurance regulation: Regulatory Impact Assessment

28 February 2002 – Consultation on Regulating Mortgages
Consultation to seek the views on how the Treasury planned to implement the decision that mortgage advice and intermediaries would be regulated by the Financial Services Authority (FSA). The document sought views on a number of technical matters as well as on the draft Orders that put the decision into effect.

Regulating mortgages consultation

Regulating mortgages: comparison of final statutory instruments (PDF file)

22 September 2003 – Consultation Document on Transitioning Complaints
Consultation on whether the FOS should be given powers to deal with consumer complaints which are made after FSA regulation starts but which relate to conduct before FSA regulation commences of firms regulated by the Mortgage Code Compliance Board (MCCB) or the General Insurance Standards Council (GISC).

Mortgages and general insurance regulation: transitioning complaints - consultation document

8 October 2004 - Mortgage Transitional laid
The FSMA (Transitional Provisions) Mortgages Order 2004 (S.I. no. 2615) allows firms that were in the process of appealing against a decision on authorisation by the FSA on 31 October 2004 to continue trading legally whilst their appeal is completed. Firms in this situation will be ‘deemed authorised’ until the Financial Services and Markets Tribunal reaches its decision on the appeal. For details of how FSA rules will apply to ‘deemed authorised’ firms, please contact the FSA.

FSMA (Transitional Provisions) Mortgages Order 2004

31 October 2004 –Statutory Regulation comes into force