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Second charge lending/mortgages...& the FCA new approach ?
Given the FCA (Financial Conduct Authority) take over CCA regulations in April this year (2014) the subsequent & often volatile secured loan contracts to be merged with mortgage regulation...............makes me wonder how the hell this can happen without dramatic change in the systematic abuses afforded under the lack of interest from regulators.
Sub-prime lending or second charge whatever the term surely must not influence the market as a whole moreover be vigorously controlled so as not to adversely effect the mortgage market & its tight rules of conduct/principles.
I struggle to see at the moment where the EU mortgage credit directive/FCA mortgage market review & associated principles/applications/regulations will allow what has happened in the past & moreover allow business to prevail on alleged unfair terms as exists now in the UK.
I apologise as new to the site for asking, but are there any views on this from any serious involvement ?
Sub-prime lending or second charge whatever the term surely must not influence the market as a whole moreover be vigorously controlled so as not to adversely effect the mortgage market & its tight rules of conduct/principles.
I struggle to see at the moment where the EU mortgage credit directive/FCA mortgage market review & associated principles/applications/regulations will allow what has happened in the past & moreover allow business to prevail on alleged unfair terms as exists now in the UK.
I apologise as new to the site for asking, but are there any views on this from any serious involvement ?
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