Welcome to Industry Minute
At Callcredit we understand how external changes such as regulatory affairs increase business pressures on the credit industry and for those engaged in tackling financial crime. We aim to keep an eye on the future and incorporate what we see into our services to benefit our customers.
The Industry Relations team believe it would be helpful to also share information and insight with you - so that's what Industry Minute is here to do.
HM Treasury: A New Approach to Financial Regulation
27 July 2010
HM Treasury has now launched its consultation on reform of the financial regulatory framework.
As pre signalled, this will include creation of a Financial Policy Committee, Prudential Regulation Authority, and Consumer Protection and Markets Authority.
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Mortgage Market Review: Responsible Lending Proposals
13 July 2010
Following the Mortgage Market Review discussion paper published late last year, the FSA has published its proposals on Responsible Lending for consultation.
Ideas presented in the original paper included affordability assessment and income verification. These have been developed further to reflect feedback received and analysis conducted in the interim.
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Final report of the OFT's review of high-cost credit
15 June 2010
This morning, the OFT has published the final report of its review of the high-cost credit sector, which includes payday and rent-to-buy lenders, home credit providers and pawnbrokers.
The comprehensive review of the sector finds that in the OFT’s opinion it works “reasonably well”. The recommendations it makes for improvement notably do not include adoption of price controls.
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Mortgage Repossessions (Protection of Tenants Etc.) Act 2010
19 April 2010
Despite the shortened parliamentary year, Brian Iddon MP’s private members’ bill proved successful due to wide cross party support, and has now received royal assent.
The new Act is intended to give some protection to tenants whose landlords have sublet property to them without the consent of the mortgagee, allowing them reasonable time to find somewhere else to live if the property is repossessed.
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