79/02
8 August 2002
NEW LEGISLATION FOR MORTGAGE ADVICE PUBLISHED TODAY
New regulation for mortgage advice was published today by HM Treasury. The regulations are the outcome of extensive consultation earlier this year.
Ruth Kelly, Financial Secretary to the Treasury, said:
?Buying a mortgage is the biggest financial decision most people will ever make. It is vital that people make the right choice - these regulations will make it easier to do that.
?I am grateful to all those who took part in the consultation. The result is a proportionate and streamlined set of regulations. We will not be consulting on the regulations further in order to allow the Financial Services Authority to begin consulting on their implementation.
?Once the European Parliament adopts the Insurance Mediation Directive, expected to be later this year, there will be a further announcement about the timetable for implementation of mortgage regulation.?
Notes to Editors
1. The Statutory Instruments, consultation summary and table of changes can be found on-line at this site.
2. FSA will shortly begin consulting on the implementation of the regulations.
3. HM Treasury announced that mortgage advice would be regulated in tandem with that of general insurance on 12 December 2001. The consultation document Regulating Mortages was published February 2002. Details can be found at this site.
4. Media enquiries should be directed to HM Treasury press office, tel. 020 7270 5238.