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Fears EU lenders will flout MMR

The Association of Mortgage Intermed- iaries is warning that European lenders may passport into the UK under the EU’s responsible lending and borrowing directive and avoid the FSA’s mortgage market review if it is too demanding.

AMI director Robert Sinclair says it is vital that the FSA takes the directive, due to be published later this month, into account and ensures the MMR achieves a level playing field with Europe.

The MMR distribution and disclosure consultation paper, published in Nov-ember, asked for industry views on whether or not advice should be made mandatory for all mortgages.

It also proposed mandatory authorisation from the FSA for every individual selling mortgages.

In February, Money Marketing revealed the European Commission is considering whether to make advice compulsory for mortgage sales.

Sinclair says banks in other EU member countries are lobbying against these proposals. He says: “In European countries the large banking institutions tend to hold a lot of sway. They want to remain in the world of advised and non-advised transactions and do not want indiv- idual registration applied to them.

“EU regulation allows passporting, which would mean overseas banks could sell directly into the UK under the EU directive and consumers would not have the same levels of protection.”

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