FCA announce new regulation of second charge mortgages
Recently the FCA announced the results of their 2014 consultation documents on the European Mortgage Credit Directive and confirmed that owning or administration of Shared Equity Mortgages and other second charge loans will become a regulated activity as from 21 March 2016. Applications from firms to become regulated have to be made as soon as possible.
Details can be found on the FCA website as follows: https://www.fca.org.uk/news/ps15-9-implementation-of-the-mortgage-credit-directive
Please contact Hampton Mortgage Servicing to discuss the changing regulatory landscape and how we can assist you in dealing with your portfolios.