Preparing for Brexit: mortgage credit—quick guide
Preparing for Brexit: mortgage credit—quick guide

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • Preparing for Brexit: mortgage credit—quick guide
  • UK preparations for Brexit
  • Relevant retained EU law and UK legislation
  • Key changes introduced by the Mortgage Credit (Amendment) (EU Exit) Regulations 2019
  • Regulatory Technical Standards—mortgage credit
  • HM Treasury power to designate third countries as equivalent in the event of no-deal Brexit
  • Regulators’ transitional powers
  • FCA approach to transitional powers

This Mortgage Credit Directive (Directive 2014/17/EU) (MCD) quick guide details current UK legislation, retained EU legislation and Financial Conduct Authority (FCA) rules and guidance in relation to the intermediation of mortgage credit that will be amended by the Mortgage Credit (Amendment) (EU Exit) Regulations 2019, SI 2019/656 which comes into force on exit day as defined in section 20 of the European Union (Withdrawal) Act 2018 (EU(W)A 2018) (as amended) (Exit Day) in the event of a no-deal Brexit. The changes made in the draft SI will not take effect if the UK enters an implementation period. The Cabinet Office has confirmed that if the UK enters an implementation period, any EU (Withdrawal Agreement) Bill agreed by Parliament and accepted by the other 27 EU Member States as an acceptable a way of establishing a legally binding treaty setting out the negotiated terms of the UK’s departure from the EU would need to amend EU(W)A 2018 so that the conversion of EU law into ‘retained EU law’ would take place at the end of the implementation period (for further details, see: LNB News 27/02/2019 95 and the White Paper ‘Legislating for the Withdrawal Agreement between the United Kingdom and the European Union’). The draft SI is part of HM Treasury’s programme of statutory instruments under EU(W)A 2018 dealing with contingency preparations