CP15/36: Future regulatory treatment of CCA regulated first charge mortgages

We propose rules for firms performing activities in relation to pre-2004 first charge CCA mortgages.

Why are we issuing this consultation paper?

Prior to 31 October 2004, first charge mortgages were regulated under the Consumer Credit Act 1974 (the CCA) if they fell below the relevant CCA financial threshold. In November 2015 the Government made legislation that will make the administration of these mortgages a regulated mortgage activity from 21 March 2016 and the CCA will then no longer generally apply.

This consultation paper sets out our proposed rules for firms performing activities in relation to these mortgages, which we refer to as ‘pre-2004 first charge CCA mortgages’.

Consultation paper CP15/36 (PDF)

Who is this consultation aimed at?

This consultation will interest any firm currently performing activities in relation to a book of pre-2004 CCA first charge mortgages or anyone whose mortgage is a pre-2004 first charge CCA mortgage.

Next steps?

We want to know what you think of our proposals and welcome comments using our online response form by Friday 18 December.