Europe

The following issue updates are available for Europe.

Consumer credit - draft directive

9 October 2008 | This paper provides an overview of the legislative process and key implications for mortgage lenders of the directive on consumer credit, which was published in the Official Journal on 22 May 2008.

Distance marketing directive of consumer financial services

21 November 2008 | This page describes the impact of the EU Directive on Distance Marketing, which applies to secured and unsecured loans where the whole transaction has been completed without there having been any face-to-face contact between the customer and the product provider or intermediary.

EU white paper on mortgages

22 September 2008 | This paper provides an overview of the EU white paper on mortgages, which was published on 18 December 2007. The Commission has now indicated that it will not publish proposals for a directive in 2008 or 2009. An update on Commission progress on studies and impact assessments has been attached.

European Code of Conduct

21 November 2008 | Explains what the European Code of Conduct is and its impact for UK lenders.

Lending to foreign nationals

21 November 2008 | Provides guidance for lenders on what to consider when lending to foreign nationals.

Rome 1 regulation on applicable law: implications for mortgage lenders

8 July 2008 | This paper provides an update on aspects of the regulation of relevance to mortgage lenders. The regulation was agreed by the European Parliament in December 2007 and was signed off finally in Council on 17 April 2008. It has now been put nito the Offical Journal, signalling formal adoption.

Unfair Commercial Practices - EU directive

28 November 2008 | The Unfair Commercial Practices Directive was adopted by the European Union on 11 May 2005. It was due to be transposed into UK law by 12 June 2007 and implemented 12 months later. This update draws attention to the Consumer Protection Regulations 2008 (SI 2008 No 1277), which came into effect on 26 May 2008.