Treasury has announced it will publish legislation later this year to enhance consumer protection in the mortgage market. It will:
- transfer regulation of new and existing second charge mortgages to FSA;
- provide for better protections when a mortgage lender sells a book to an unregulated firm; and
- extend regulation of the sale and rent back market to all providers.
In advance of the legislation, it has published impact assessments for the changes. (Source: 06/11 and Impact Assessments)