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Essay / Research Paper Abstract
On the 31st of October 2004 UK mortgage providers and intermediaries came under the remit of the Financial Services Authority and have had to cope with new regulation. This 3 page paper examines the changes and the issues which have lenders and brokers all have to face. The bibliography cites 4 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEmortreg.rtf
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Unformatted sample text from the term paper:
for mortgage provision were brought under the remit of the Financial Services Authority (FSA), the regulating body which supervises may other areas of financial services, such as investment.
The FSA was formed following an announcement by Gordon Brown in 1997 following the seep of the Labour party to power in May 1997. The Financial Services Authority was a
major change in the regulation of financial services wit the aim of bring all regulation under a single authority, as such this took the place of many different specialist bodies,
such as LAUTO, FIMBRA and IMRO. The investments and insurance/assurance that were regulated under these measures were many that complimented the sale of mortgages such as endowment policies and
life assurance policies as well as income insurance. On the 31st October 2004 mortgage lenders and also any intermediary from which the mortgage introduction may originate or who may be
involved in the mediation fall under the remit of the FSA. It is estimated that this change impacts on 155 lenders and 13,725 intermediaries (Croft and Or, 2004). The
regulations have been triggered by the Financial Services and Markets Act 2000 with the specific regulations officially known as the Mortgages: Conduct of Business rules (Anonymous, 2004). These cover only
the providers and intermedaries for first lien mortgages. Mortgage lenders for this purpose are defined as "first lien loans secured on a property at least 40% of which is occupied
by the borrower" (Anonymous, 2004). This means that although mortgages are regulated, not all mortgages are regulated as send lien mortgages as well as buy to let mortgages are not
covered. For those that are covered there are several areas of impact. The first is that any lender or intermediary, on whom many lenders rely for the introduction of their
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