§ Mr. ChopeTo ask the Chancellor of the Exchequer, pursuant to the answer of 12 December 2001,Official Report, column 890W, on the Financial Services Authority, (1) what new regulations will apply to mortgage and insurance intermediaries; [33773]
(2) if the new FSA powers will cover (a) residential mortgages, (b) commercial mortgages and (c) buy to let mortgages; and if he will make a statement. [33772]
§ Ruth KellyThe Treasury will be publishing consultation papers in due course setting out the mortgage and general insurance activities that are to be regulated by the financial services authority. A broad timetable has been published on the Treasury website www.hm-treasury.gov.uk. No change is envisaged to the definition of a regulated mortgage contract that was set out in articles 61 to 63 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI2001/544) as amended by SI2001/3544. This means that, as before, regulation will he aimed at mortgages which put a person's home at risk.