The FCA has updated its FAQs relating to the UK implementation of the Mortgage Credit Directive (2014/17/EU) (MCD).
The FAQs cover matters including:
- Requirements relating to disclosure.
- When firms do not need to provide the European standard information sheet (ESIS).
- When a firm can describe its services as “unlimited” or “independent.”
- What the position will be for second charge back book mortgages and retained provisions in the Consumer Credit Act 1974 (CCA).
- Requirements relating to foreign currency mortgages.
The MCD will be implemented in the UK on 21 March 2016.