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Treasury doesn&#39t know the meaning of a mortgage

The Treasury is delaying the implementation of mortgage regulation until the end of next year because it has not defined what a mortgage is.

The Council of Mortgage Lenders is not expecting to see a final blueprint of the regulations until at least November, so regulation will not come into force until the end of next year.

At the FSA AGM last week, chairman Howard Davies said the Treasury will have to consult on a legal definition of a mortgage before it can publish final proposals which will go to the FSA for consultation.

Davies said he does not expect the regulation to be in place until “late next year”.

The CML has put back seminars to discuss the plans several times. They were pencilled in for June, then September but have now been postponed until November.

The Treasury is also understood to have run into difficulties over how to audit regulation process itself. Under the original proposals, lenders are required to police intermediaries because advice will not be regulated directly but the proposals did not say how this would work.

A Treasury spokesman says: “We want to get the consultation moving as quickly as possible so it feeds into the FSA&#39s work over the next year.”

CML spokeswoman Michelle Vosper says: “We cannot hold the meetings until we know the content of the FSA&#39s consultation paper.”


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