§ Mr. FlynnTo ask the Chancellor of the Exchequer what new action the Government are planning in respect of mortgage companies which specialise in attracting clients with poor credit ratings. [49181]
§ Mrs. LiddellIn response to the question from my right hon. Friend the Member for Hove (Mr. Caplin), I announced on 7 April 1998,Official Report, column 151, that the proposed legislation to establish the Financial Services Authority as a single regulator will include reserve powers which could enable it to regulate mortgages. The Treasury is monitoring the operation of the mortgage code introduced by the Council of Mortgage Lenders (CML) to see whether it is capable of protecting all mortgage 430W borrowers—not just those with poor credit ratings—to the standard that the Government are determined to see achieved.