Treasury publishes MCD legislation: Treasury has published a summary of responses it received to its consultation on implementation of the Mortgage Credit Directive (MCD) into UK law, and the draft MCD Order 2015, which it will shortly lay before Parliament. Treasury does not plan any fundamental changes from the basis on which it consulted, but has taken further steps to ease transition. It will allow firms to start complying with the new rules up to six months ahead of the 21 March 2016 implementation date, and has clarified the new rules do not apply to agreements in existence before that date. The draft Order covers specifically consumer buy-to-let mortgages, together with amendments to existing legislation (particularly the Regulated Activities Order) and transitional arrangements. Much of the detail of the regime will be in FCA rules. (Source: Treasury Publishes MCD Legislation)

Treasury updates auditor powers legislation: New legislation, effective from 20 February, specifies all the disciplinary powers of PRA under s345A(4) Financial Services and Markets Act 2000 (FSMA) as exercisable by it against auditors and actuaries. (Source: Treasury Updates Auditor Powers Legislation)