115. Financial services legislation as it affects mortgages.

The Financial Conduct Authority ('FCA') is responsible for regulating the firms and individuals that are involved in advising on, arranging or managing mortgages1. Such persons must be authorised by the FCA in order to operate. Entering into a regulated mortgage contract as lender, and administering a regulated mortgage contract are both specified kinds of activity for the purposes of financial services legislation2.

A regulated mortgage contract entered into by a person who is neither authorised nor exempt is unenforceable, and the other party is entitled to recover any money or property paid or transferred by him under the agreement, and