The changes to the consumer credit framework The position with secured lending has been significantly complicated by the UK’s implementation of Directive 2014/17/EU, the EU Mortgage Credit Directive (MCD), on 21 March 2016. Before the MCD was implemented, the UK broadly had two regimes: a regulated mortgage contract regime and a regulated credit agreement regime. The regulated mortgage contract regime was (in broad terms) limited to lending secured on the borrower’s home by a first legal charge. The two regimes were, and are, mutually exclusive. But to implement the MCD, HM Treasury made the Mortgage Credit Directive Order 2015 (MCDO 2015), SI 2015/910, and made changes to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO 2001), SI 2001/544. MCDO 2015, SI 2015/910 effectively transferred the majority of regulated credit agreements secured on land (so long as they fell into the definition