View more on these topics

Lenders express concern over EU directive timetable

EU European Commission flags 440

Mortgage lenders say they are relieved there are no clashes between the European mortgage directive and the Mortgage Market Review but warn it will be a challenge to meet the two-year timetable.

Negotiations concluded earlier this week and the directive will introduce EU-wide rules to toughen up responsible lending practices, protect consumers and encourage cross-border lending. 

Most of the rules are already being implemented in the UK under the MMR but the FSA warned in 2011 that some aspects could clash.

The new rules should be implemented in September with a two-year window to become UK law. The MMR rules come in to force in April 2014.

Building Societies Association head of mortgage policy Paul Broadhead says: “We are relieved there is no direct conflict with the MMR given the FSA decided to move ahead with it prior to the final EU directive.

“The challenge will come from the two-year implementation period when there will be a lot of detail to work through, particularly with the MMR requirements as well.”

Council of Mortgage Lenders director general Paul Smee says: “There will inevitably be additional work for both regulators and lenders to ensure the requirements are fully reflected in UK rules, especially as they come hot on the heels of the implementation of the FCA’s new domestic requirements for mortgages.”

Recommended

MPs call for Lloyds/RBS ‘good’ and ‘bad’ banks

<!– <!– <!– <!– –> –> –> –> The Treasury select committee has called on the Government to investigate the pros and cons of breaking up Lloyds Banking Group and Royal Bank of Scotland and to publish an analysis by June. In its Budget 2013 report, the TSC said it wants to see an analysis […]

Ex-Honister adviser jailed for £400k tax evasion

A former Honister Partners adviser has been jailed for 18 months after he failed to pay income tax for 13 years on earnings of more than £1m. David Douglass was sentenced last week after he evaded £400,000 of tax through a VAT and income tax fraud. He spent the money on a luxury lifestyle including […]

UK wealth managers enduring post-RDR slump in confidence

UK wealth managers are suffering a crisis of confidence post-RDR as just 17 per cent believe knowledge and qualifications are their greatest assets, according to research. A study from Pershing, part of BNY Mellon, examines the extent to which UK wealth managers are being forced to re-examine their value proposition in light of the implementation of the RDR. […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com