Europe
The following issue updates are available for Europe.
Consumer credit - draft directive
5 November 2009 | 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
9 July 2009 | 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 developments in mortgage policy and regulation
1 December 2009 | This paper provides an overview of the EU white paper on mortgages, which was published on 18 December 2007 and covers subsequent policy developments. It has been updated to include reference to the latest EU Commission consultation on responsible lending and borrowing plus some additional information on the Commission foreclosure initiative.
EU draft directive on consumer rights
5 November 2009 | The draft directive on consumer rights has recently been the subject of a consultation by DBERR to ascertain its implications for the UK. It could have some limited impact on UK financial services including mortgages.
European Code of Conduct
9 July 2009 | Explains what the European Code of Conduct is and its impact for UK lenders.
Lending to foreign nationals
9 July 2009 | Provides guidance for lenders on what to consider when lending to foreign nationals.
Rome 1 regulation on applicable law: implications for mortgage lenders
5 November 2009 | 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 and has been formally adopted. The UK Government has now signaled its intention to opt into the regulation from 17 December 2009.
Unfair Commercial Practices - EU directive
9 July 2009 | 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.
