The Treasury, in conjunction with the Department for Business, Enterprise and Regulatory Reform, has today published a consultation document on proposed changes to the Consumer Credit Act 1974 in an attempt to prevent the dual regulation of mortgages.
The Treasury is inviting stakeholders to submit their views, to ensure that the regulatory functions of the FSA and the Office of Fair Trading remain mututally exclusive. The Government says the proposed changes will provide clarity on the regulatory position and reduce burdens associated with dual regulation. Kitty Ussher, the Economic Secretary to the Treasury, comments: "I have been concerned by suggestions that there could be confusing overlap between the FSA and OFT on mortgage regulation, as this would cause difficulties for industry and consumers alike. So today I am launching a...
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