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. There followed the enactment of the Regulation of Financial Services (Land Transactions) Act 2005, which enabled the Financial Conduct Authority (FCA) and its predecessor, the Financial Services Authority, to regulate activities that are similar to those that were already regulated in relation to RMCs but that instead involve the provider acquiring land rather than simply providing finance for its purchase by the homeowner. As a result, the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) SI 2001/544 has been amended on two occasions. An amendment order in 2006 (SI 2006/2383, which came into effect on 6 April 2007) brought within the remit of regulation home reversion plans (HRPs), which are schemes where a provider buys an interest in a homeowner's property and allows the homeowner to continue to reside in the property, as well as home purchase plans (HPPs), which include certain types of Islamic financing arrangements designed to enable the purchase of
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234