HM Treasury has published a consultation paper on the regulation of modified credit agreements (the CP). The CP sets out stakeholder concerns that some firms could find themselves having to comply with both the Consumer Credit Act 1974, administered by the Office of Fair Trading (OFT) and the Financial Services and Markets Act 2000 enforced by the FSA. HM Treasury also seeks comments on the legislation it proposes to ensure that the regulatory regimes of the FSA and the OFT in relation to mortgages remain mutually exclusive. Responses are invited by 14 February 2008.
View Regulation of modified credit agreements: a consultation, (PDF 522KB), 22 November 2007