The Mortgage Credit Directive Order 2015

[^key-08970b0e7819fcf6f9cb8c8ef70a8ba1]: Words in art. 29(1) inserted (17.3.2016 for specified purposes, 21.3.2016 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(c), 8(5) (with Pt. 5)

[^key-d60dc7424c4c593eb8a896dff342f821]: Art. 31A inserted (17.3.2016 for specified purposes, 21.3.2016 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(c), 8(6) (with Pt. 5)

[^key-87380a2980a11ecba3b5f09ea972f86b]: Word in art. 26(1)(a) substituted (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 8 para. 22 (with reg. 3)

[^key-aac8e40ef571fbb1790deffbb676de13]: Sch. 2 para. 9(2)-(4): power to amend conferred (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 14; 2020 c. 1, Sch. 5 para. 1(1)

[^key-8f9bcaa3633d7cefbb50050a4d20dea2]: Sch. 2 para. 20(2): power to amend conferred (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 14; 2020 c. 1, Sch. 5 para. 1(1)

[^key-f2c9c92ae4b51fc579985d0f7be0b0a2]: Sch. 2 para. 21: power to amend conferred (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 14; 2020 c. 1, Sch. 5 para. 1(1)

[^key-b362bcfe817b9e1813bb2a6c93e41eea]: Art. 2(3)-(5) inserted (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 4(2); 2020 c. 1, Sch. 5 para. 1(1)

[^key-add2ea8e03950ce91329b4316450c306]: Words in art. 2(2)(a) inserted (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 4(1); 2020 c. 1, Sch. 5 para. 1(1)

[^key-e897d29770bdeb96662211eb1d96be9b]: Art. 4(1A) inserted (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 5(3); 2020 c. 1, Sch. 5 para. 1(1)

[^key-58114ea4afc7af4dae41021593c1da65]: Words in art. 4(1) substituted (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 5(2)(a); 2020 c. 1, Sch. 5 para. 1(1)

[^key-2e1e8360e16490493b16d77542bb9f11]: Words in art. 4(1) inserted (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 5(2)(b); 2020 c. 1, Sch. 5 para. 1(1)

[^key-2dea16835f4170778dee281a1ce38aa7]: Word in art. 4(1) omitted (31.12.2020) by virtue of The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 5(2)(c); 2020 c. 1, Sch. 5 para. 1(1)

[^key-b294462d37b0a96bc7160f4d76b8a277]: Words in art. 4(1) inserted (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 5(2)(c); 2020 c. 1, Sch. 5 para. 1(1)

[^key-b8e3a95176eb3e037014ceed4358af84]: Words in art. 8(3)(f) substituted (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 6; 2020 c. 1, Sch. 5 para. 1(1)

[^key-b79795a5bbb83f550e01fd68f13a0e05]: Words in Sch. 2 para. 4(2)(c) substituted (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 8(1)(a)(2); 2020 c. 1, Sch. 5 para. 1(1)

[^key-e06918eac65b3f7370aa152297c37cfd]: Words in Sch. 2 para. 5(2)(c) substituted (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 9; 2020 c. 1, Sch. 5 para. 1(1)

[^key-227e76d65bf16a80f9504efe300e9cb0]: Words in Sch. 2 para. 6(1)(b) substituted (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 8(1)(a)(2); 2020 c. 1, Sch. 5 para. 1(1)

[^key-b922b9aa1626eda1c83b505841690584]: Words in Sch. 2 para. 6(2)(o) substituted (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 8(1)(a)(2); 2020 c. 1, Sch. 5 para. 1(1)

[^key-85f29853832d41b3a17ef3da9c8b4328]: Words in Sch. 2 para. 9(6) substituted (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 8(1)(a)(2); 2020 c. 1, Sch. 5 para. 1(1)

[^key-f1904a9ecbc6c35aa3044e316001017e]: Words in Sch. 2 para. 12(2)(b) substituted (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 10; 2020 c. 1, Sch. 5 para. 1(1)

[^key-57a4920c5779f2c62058cbf5fa114a40]: Words in Sch. 2 para. 13(5)(a) substituted (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 8(1)(b)(2); 2020 c. 1, Sch. 5 para. 1(1)

[^key-563123d782313760f57131d7748f575c]: Sch. 2 para. 14(2)(b) substituted (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 11; 2020 c. 1, Sch. 5 para. 1(1)

[^key-98624508ac9f1678469442ebac478798]: Words in Sch. 2 para. 21 substituted (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 8(1)(b)(2); 2020 c. 1, Sch. 5 para. 1(1)

[^key-52f1eadac32b081a73784d5e24ffb976]: Sch. 2 para. 21(18) inserted (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 12(b); 2020 c. 1, Sch. 5 para. 1(1)

[^key-54ab4ada05e2a3dfc22e6b06e1ca042e]: Words in Sch. 2 para. 21(17)(b) substituted (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 8(3); 2020 c. 1, Sch. 5 para. 1(1)

[^key-d54f80068420d10ee81051518f24564a]: Words in Sch. 2 para. 21(17) substituted (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 12(a)(i); 2020 c. 1, Sch. 5 para. 1(1)

[^key-42b3ffec3ac6cdb864a5619cf733d65f]: Words in Sch. 2 para. 21(17) substituted (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 12(a)(ii); 2020 c. 1, Sch. 5 para. 1(1)

[^key-8c283653b4368de59cfae8f054a4aec3]: Words in Sch. 2 para. 21 substituted (31.12.2020) by The Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656), regs. 1(2), 8(1)(a)(2); 2020 c. 1, Sch. 5 para. 1(1)

Application of this Part

3A

This Part does not apply in relation to any agreement entered into before 21st March 2016.

Interpretation of this Part

Meaning of credit intermediary

Meaning of advisory services

Limitation on permission to carry on regulated activities

Register of consumer buy-to-let mortgage firms

Applications for entry on the register or variation of an existing entry on the register

Determination of applications

Procedure when refusing an application

Registered consumer buy-to-let mortgage firm ceasing to meet the requirements for registration

Revocation of registration

Procedure on revocation

Suspension of registration

Procedure on suspension

Appointed representatives

Obligations of registered consumer buy-to-let mortgage firms

Power to direct registered consumer buy-to-let mortgage firms to take appropriate action

Functions of the FCA in relation to this Part

Monitoring and enforcement

Guidance

Application of provisions of the Act to registered consumer-buy-to-let mortgage firms

Application of procedural provisions of the Act

Application of provisions of the Act to the FCA in respect of its supervision of consumer buy-to-let mortgage firms

Extension of the compulsory jurisdiction of the Financial Ombudsman Scheme to registered consumer buy-to-let mortgage firms

Transitional provision: first charge mortgages entered into before 31st October 2004 which are regulated credit agreements immediately before 21st March 2016

31A

• (1) This article applies to an agreement—

• (a) entered into before 31st October 2004,

• (b) which is a consumer credit back book mortgage contract, and

• (d) under which the mortgage securing the borrower’s obligation to repay is a first charge mortgage.

• (2) Until the relevant date—

• (a) the agreement continues to be a regulated credit agreement within the meaning of article 60B(3) of the Regulated Activities Order,

• (b) making arrangements for a person to vary the terms of the agreement is not a regulated activity pursuant to article 25A(1) of the Regulated Activities Order,

• (c) advising a person on the merits of varying the terms of the agreement is not a regulated activity pursuant to article 53A(1) of the Regulated Activities Order,

• (d) administering the agreement is not a regulated activity pursuant to article 61(2)(b) of the Regulated Activities Order,

• (e) the agreement continues to be a regulated agreement within the meaning of section 8(1) of the Consumer Credit Act 1974, and

• (f) article 29 (transitional provision: consumer credit back book mortgage contracts) does not apply to the agreement.

• (3) Article 60C(2)(c) of the Regulated Activities Order applies to the agreement as if the reference to 21st March 2016 were a reference to the relevant date.

• (4) In this article “the relevant date” means the earlier of—

• (a) the date on which the lender first acts in respect of the agreement in compliance or purported compliance with rules made by the FCA which apply to regulated mortgage contracts and which are different from rules made by the FCA which apply to regulated credit agreements;

• (b) the date which the lender notifies in writing to the borrower as being the date from which the lender will act in respect of the agreement in compliance with rules made by the FCA which apply to regulated mortgage contracts; or

• (c) 21st March 2017.

FCA power to direct timing of applications for permission and registration