Mortgages: who does what

The Treasury has overall responsibility for the regulation of financial services of all kinds. As mortgage loans may be covered under various legislative provisions, a number of Government Departments have roles:

HM Treasury (HMT)

Responsible for financial services regulation policy.

Financial Services Authority (FSA)

The FSA is the statutory regulator for mortgage sales. The Financial Services Ombudsman deals with complaints relating to the sale of mortgages under statutory provisions, replacing the Banking and Building Society Ombudsmen.

Department for Trade and Industry (DTI)

Overall responsibility for consumer affairs policy, including secured and unsecured loans under the Consumer Credit Act (including mortgage loans up to £25,000); also responsible for the standardisation, calculation and disclosure of annual percentage rates (APRs).

Office of Fair Trading (OFT)

Responsible for national trading standards, as well as the policy on consumer credit licences; policing consumer contracts; and enforcing the Unfair Terms in Consumer Contracts regulations.

Office of the Deputy Prime Minister (ODPM)

Overall responsibility for housing policy, including the house sales process.