New legislation for mortgage regulation published

New regulation for mortgage advice was published has been published by HM Treasury. The regulations are the outcome of extensive consultation earlier this year.

Ruth Kelly, Financial Secretary to the Treasury, says: &#34Buying a mortgage is the biggest financial decision most people will ever make. It is vital that people make the right choice – these regulations will make it easier to do that.

&#34I am grateful to all those who took part in the consultation. The result is a proportionate and streamlined set of regulations. We will not be consulting on the regulations further in order to allow the Financial Services Authority to begin consulting on their implementation.

&#34Once the European Parliament adopts the Insurance Mediation Directive, expected to be later this year, there will be a further announcement about the timetable for implementation of mortgage regulation.&#34

Visit: http://www.hm-treasury.gov.uk

More details later.