The following Financial Services guidance note provides comprehensive and up to date legal information covering:
The regulation of home finance transactions came about at different points in time. HM Treasury announced its intention to regulate mortgage lenders in 2000 and revised its proposals in December 2001 to include mortgage intermediaries. On 31 October 2004 (a date known as M Day), lenders and intermediaries of regulated mortgage contracts (RMCs) became regulated. A number of legislative provisions have since been enacted to regulate activities that are similar to those that were already regulated in relation to RMCs, including home reversion plans (HRPs), home purchase plans (HPPs) and sale and rent back agreements (SRBAs).
For information about the background to regulation of RMCs, HRPs, HPPs and SRBAs, as well as how such terms are defined, see Practice Note: Regulated mortgage contracts and home finance transactions defined.
Advising on RMCs, HRPs, HPPs and SRBAs are regulated activities under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO), SI 2001/544, arts 53A, 53B, 53C and 53D. The activities relating to regulated RMCs, HRPs, HPPs and SRBAs are referred to together in this Practice Note as 'home finance transactions'.
In addition, the Mortgage Credit Directive Order 2015 (SI 2015/910) (MCD Order) has amended the RAO by introducing the regulated activity of advising on regulated credit
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