§ Mr. KidneyTo ask the Chancellor of the Exchequer what representations he has received in response to his proposals for(a) the new regulatory regime for mortgages and (b) the date for N3. [15899]
§ Ruth KellyI have received a number of representations from the Council of Mortgage Lenders, individual mortgage lenders and others on the scope of mortgage regulation, the arrangements set out in the Financial Services Authority draft rules, as well as on the timing of N3.
§ Mr. KidneyTo ask the Chancellor of the Exchequer what will be the role of(a) the mortgage code and (b) the Mortgage Code Compliance Board under the proposed new regulatory regime for mortgages. [15900]
§ Ruth KellyMuch has been achieved since the Mortgage Code came into being in 1997. The Mortgage Code Compliance Board has worked to set the standards for service delivery, training and competence, and to increase professionalism within the mortgage industry. All of this will stand the industry in good stead when statutory regulation of mortgages comes into force.
§ Mr. GreenwayTo ask the Chancellor of the Exchequer what assessment his Department has made of the consumer benefits accruing from the proposed implementation of Rule 4.7.1(1) in the draft mortgage sourcebook and the likely implementation of Rule 4.7.1(1) by mortgage lenders; and if he will make a statement. [R] [15784]
138W
§ Ruth KellyA cost benefit analysis of the proposals contained in the (draft) mortgage sourcebook was published as an annexe (annexe D) to the Consultation Paper (CP 98) published by the Financial Services Authority.