The following Financial Services practice 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 a home in a way that
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LiabilityFalse imprisonment consists of the complete deprivation of liberty without a lawful basis. Claims will in practice be made against a public body that exercises detention powers, usually a local police force, the Secretary of State for the Home Department or the Secretary of State for
What is quia timet relief?Injunctions are generally awarded where a party has already suffered a wrong. For guidance on injunctions generally, see Practice Note: Injunctions—guiding principles. However, an injunction may be sought before a party's rights have been infringed on the basis that they
There may be times when, rather than assigning the benefit of an agreement to a third party, the original parties wish instead to end their obligations to each other under that agreement and, in effect, recreate it, with the third party stepping into the shoes of one of the original parties. This is
For guidance on the basic features of the doctrine of estoppel and the different classifications it has been subject to, see Practice Note: Estoppel—what, when and how to plead and related content.Promissory estoppel—what is it?Where A has, by words or conduct, made to B a clear and unequivocal
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