FOS consultation on amending DISP rules relating to not-for-profit debt advice agencies
The Financial Ombudsman Service (FOS) has published a consultation paper on amending its rules affecting those subject to their Voluntary Jurisdiction (VJ) in the Dispute Resolution: Complaints sourcebook (DISP) of the Handbook. The Financial Conduct Authority (FCA) has already consulted on changes to DISP in relation to the Compulsory Jurisdiction (CJ) to allow not-for-profit debt advice bodies to meet their obligation to provide information about the availability of complaints information orally rather than in writing, thereby reducing the administrative burden. If the FCA implements these changes to the CJ, the same changes will be made to the VJ. The FOS consultation runs until 14 September 2015.
Financial Ombudsman Service, August 2015
Gross mortgage lending grows by 9% - July 2015
The Council of Mortgage Lenders has estimated that gross mortgage lending reached £22 billion in July which was 9% higher than June and 14% higher than July last year.
The Council of Mortgage Lenders, 20 August 2015
Building societies approve 189,000 mortgages in first half of 2015
According to the Building Societies Association, building societies approved 189,000 mortgages in the first half of 2015 which accounted for 29% of the total market.
Building Societies Association, 19 August 2015
EC materials to calculate APRC under MCD
The European Commission has added materials to its mortgage credit webpage relating to calculating the Annual Percentage Rate of Charge (APRC) under the Mortgage Credit Directive (MCD) explaining that the MCD contains assumptions for calculating the APRC. An Excel simulator tool based on these assumptions has been made available online to help users calculate the APRC applicable in a given circumstance to a given credit. The Commission has also published a report which sets out how to use the tool together with examples of the APRC calculation. The Commission has stated that this tool is intended to complement the existing simulator for consumer credit agreements.
European Commission, 18 August 2015