EP votes through MCD: EP has approved the text of the MCD. The most important outstanding point on negotiations, which has now been resolved, was that EP wanted to ensure EBA would have powers to investigate breaches. Michel Barnier welcomed the vote on behalf of the European Commission. The MCD will, primarily:
- provide customers with better information and more time to decide, and put in place heightened creditworthiness assessment standards;
- harmonise conduct of business rules for mortgage intermediaries;
- give customers rights to early repayment;
- provide a passport regime for intermediaries; and
- set principles lenders must follow on arrears and foreclosures.