The FCA announced yesterday that it would bring the regulatory requirements for second charge loans under the current first charge mortgage regulations with effect from 21st March 2016. It also announced plans to implement the Mortgage Credit Directive ( the European Legislation on mortgages that we are required to comply with).
The intention is to deliver much of the MCD under existing rules although there will be some substantive changes regarding disclosure and APR. A number of other changes will also be implemented including new knowledge and competency requirements, obligations for firms dealing in foreign currency mortgages and new levels of professional indemnity insurance.
I have not read the details in full yet and will publish more about this early next week. For now this is just by way of a heads up.
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