LegalizeThe Mortgage Credit Directive Order 2015
Section 8(1) was amended by section 2 of the Consumer Credit Act 2006.
Article 53A was inserted by S.I. 2003/1475.
Article 25A was inserted by S.I. 2003/1475.
Article 61 was amended by S.I. 2001/3544, 2005/2114, 2006/2383 and 2010/2960.
Section 39 was amended by section 10 of, and paragraph 5 of Schedule 18 to, the Financial Services Act 2012 (c. 21) and by S.I. 2007/126 and 2013/3115.
Section 55J was substituted, together with the rest of Part 4A, for the original Part IV, by section 11 of the Financial Services Act 2012 and was subsequently amended by S.I. 2013/1773 and 3115.
Section 137R was substituted (together with the rest of Part 9A) for the original Part X by section 24 of the Financial Services Act 2012 (c. 21).
Section 194B was inserted by S.I. 2013/3115.
Section 195A was inserted by S.I. 2007/126, substituted by S.I. 2011/1613 and then subsequently amended by paragraph 35 of Schedule 4 to the Financial Services Act 2012 (c. 21) and by S.I. 2012/916 and 2013/1773 and 1797.
OJ L 331 15.12.2010, p.12.
Section 347 was amended by paragraph 16 of Schedule 12 to the Financial Services Act 2012 (c. 21), section 34 of, and paragraph 11 of Schedule 3 to, the Financial Services (Banking Reform) Act 2015 (c. 33) and S.I. 2007/126 and 2013/1388.
Section 417(1) was amended by paragraph 16 of Schedule 2 to the Criminal Justice and Police Act 2001 (c. 16), section 964 of the Companies Act 2006 (c. 46), section 174 of the Banking Act 2009 (c. 1), paragraph 31 of Schedule 2 to the Financial Services Act 2010 (c. 28), section 48 of the Financial Services Act 2012 (c. 21), section 4 of the Financial Services (Banking Reform) Act 2013 (c. 33) and paragraph 71 of Schedule 4 to the Co-operative and Community Benefit Societies Act 2014 (c. 14), and by S.I. 2002/1775, 2005/1433, 2007/126, 2009/1941, 2010/22, 2012/916, 1809, 1906 and 2554, 2013/504, 1773 and 3115 and 2014/2879.
Section 425(1) was amended by S.I. 2003/2066, 2004/3379, 2006/2975, 2007/126 and 3253, 2012/1906 and 2013/1773 and 3115.
Paragraph 1 was amended by S.I. 2000/2952, 2003/1473 and 2066, 2007/126 and 3253, and 2013/1773 and 3115.
Paragraph 4E was inserted by S.I. 2013/1773.
Paragraph 5 was amended by S.I. 2003/1473 and 2066, 2004/3379, 2006/3221, 2007/126 and 3253, 2011/1613, 2012/1906, and 2013/1773, 1797 and 3115.
Paragraph 5A was inserted by S.I. 2003/1473 and amended by S.I. 2013/1773.
Paragraph 7A was inserted by S.I. 2003/1473 and amended by S.I. 2013/1773 and 1797.
Paragraph 13 was amended by paragraph 2 of Schedule 4 to the Financial Services Act 2012 (c. 21) and by S.I. 2003/1473 and 2066, 2007/126, 2012/1906 and 2013/1773.
Paragraph 14 was amended by paragraph 3 of Schedule 4 to the Financial Services Act 2012 and by S.I. 2003/1473 and 2066, 2007/126, 2012/1906, and 2013/1773 and 1797.
Paragraph 19 is amended by paragraph 10 of Schedule 4 to the Financial Services Act 2012 (c. 21) and by S.I. 2003/1473 and 2066, 2007/126 and 3253, 2011/1613, 2012/916 and 1906, and 2013/1773, 1797 and 3115.
Paragraph 20 is amended by paragraph 11 of Schedule 4 to the Financial Services Act 2012 and by S.I. 2001/1376, 2003/1473 and 2066, 2007/126 and 3253, 2011/1613, 2012/1906, and 2013/1773, 1797 and 3115.
Paragraph 20ZA was inserted by S.I. 2011/1613 and was subsequently amended by paragraph 13 of Schedule 4 to the Financial Services Act 2012 and by S.I. 2013/3115.
Paragraph 21 was amended by S.I. 2003/1473.
Paragraph 25 was inserted by S.I. 2003/1473 and was subsequently amended by paragraph 18 of Schedule 4 to the Financial Services Act 2012.
Subsection (3) was substituted by S.I. 2013/1881.
Section 55C was inserted by S.I. 2010/1010 and subsequently amended by S.I. 2013/1881.
Section 60 was amended by paragraph 6 of Schedule 25 to the Enterprise Act 2002 (c. 40) and by S.I. 2010/1010 and 2013/1881 and 1882.
Section 61A was inserted by S.I. 2010/1010 and subsequently amended by S.I. 2013/1881.
Section 66A was inserted by S.I. 2010/1010.
Section 75A was inserted by S.I. 2010/1010 and subsequently amended by S.I. 2013/1881.
Section 77B was inserted by S.I. 2010/1010 and subsequently amended by section 27 of the Energy Act 2011 (c. 16) and by S.I. 2013/1881 and 2014/436.
There are amendments to section 189 but none is relevant to this Order.
OJ L 133, 22.5.2008, p. 66; Article 2(2a) was inserted by article 46 of Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property (OJ L 60, 28.2.2014, p.34).
Article 3 was amended by S.I. 2006/3384 and 2013/3115; there are other amendments to article 3 but none is relevant to this Order.
Article 4 was amended by S.I. 2003/1476, 2006/3384, 2009/1389, 2013/1773 and 1881 and 2014/1292.
Article 25A was inserted by S.I. 2003/1475.
Article 29 was amended by S.I. 2003/1476, 2006/2383 and 3384 and 2009/1342.
Article 36 was amended by S.I. 2002/1776, 2003/1475 and 1476, 2006/2383 and 3384, 2009/1342, 2013/1773 and 2014/366.
Article 36E was inserted by S.I. 2013/1881.
Article 36G was amended by S.I. 2013/1881 and amended by S.I. 2014/366.
Article 53D was inserted by S.I. 2009/1342.
Article 54 was amended by S.I. 2003/1475 and 1476, 2006/2383, 2009/1342 and 2013/472.
Article 54A was inserted by S.I. 2003/1475 and subsequently amended by S.I. 2006/2383 and 2009/1342.
Article 55 was amended by S.I. 2002/1776, 2003/1475 and 1476, 2006/2383, 2009/1342, 2013/1773 and 2014/366.
Chapter 14A (articles 60B to 60M) was inserted by S.I. 2013/1881. Articles 60C to 60G and 60K were subsequently amended by S.I. 2014/366.
Article 61 was amended by S.I. 2001/3544, 2005/2114, 2006/2383 and 2010/2960.
Article 63A was inserted by S.I. 2002/1776, substituted by S.I. 2003/1475 and subsequently amended by S.I. 2013/1773 and 2014/366.
Article 66 was amended by S.I. 2003/1475 and 1476, 2005/593, 2006/2383 and 3384, 2009/1342.
Article 67 was amended by S.I. 2001/3544, 2003/1475 and 1476, 2006/2383 and 3384 and 2009/1342.
Article 72 was amended by S.I. 2003/1475 and 1476, 2006/2383 and 3384, 2009/1342 and 2013/504.
Article 72G was inserted by S.I. 2014/366.
OJ L 133 22.5.2008, p.66.
Article 72H was inserted by S.I. 2014/366.
S.I. 2001/1201. Paragraph 48 of the Schedule was substituted by S.I. 2003/1675 and subsequently amended by S.I. 2005/592, 2006/2383, 2008/2831, 2009/1342, 2010/671, 2011/1626 and 2012/641 and 700.
Regulation 1 was amended by S.I. 2003/1476 and 2066, 2011/1613 and 2013/1773 and 3115.
Regulation 2 was amended by S.I. 2003/1476 and 2066, 2011/1613 and 2013/1773.
Regulation 3 was amended by S.I. 2003/1476 and 2066 and 2013/1773.
Regulation 4 was amended by S.I. 2003/1476 and 2066 and 2013/1773.
Regulation 2(1) was amended by S.I. 2001/2508, 2003/1475 and 1476, 2004/453 and 2737, 2006/2383, 2012/1906, 2013/1881 and 2014/206
Regulation 3(3) was inserted by S.I. 2003/1475.
In regulation 2 the definition of “markets in financial instruments directive information” was inserted by S.I. 2006/3413 and was subsequently amended by S.I. 2010/2628 and 2013/472 and 3115. The definition of “single market restrictions” was inserted by S.I. 2012/916 and was subsequently amended by S.I. 2013/504, 1773 and 3115. There are other amendments to regulation 2 but none is relevant to this Order.
Regulation 9 was amended by S.I. 2003/693, 2004/3379, 2006/3413, 2007/3255, 2010/2628, 2011/1613, 2012/916, 2013/472, 504, 1773 and 3115.
Regulation 1(2) was amended by S.I. 2002/765, 2003/1473 and 2066, 2006/3385, 2007/763, 2011/99 and 2013/642.
Regulation 2 was amended by S.I. 2002/765, 2003/2066, 2004/1862, 2006/3385, 2011/99 and 2013/642, 1773, 1797 and 3115.
Regulation 3 was amended by S.I. 2003/1473 and 2066, 2004/1862, 2006/3385 and 2013/642, and 1773.
Regulation 7A was inserted by S.I. 2013/1773.
Regulation 9 was amended by S.I. 2013/642.
Regulation 17A was inserted by S.I. 2013/1773 and amended by S.I. 2013 1797.
Article 2 was amended by S.I. 2005/1, 2006/1805, 2007/2932 and 3254, 2012/2017, 2013/472 and 3115 and 2014/1292.
Section 194C is inserted by this Order.
Section 195B is inserted by this Order.
Article 3 was amended by S.I. 2007/3254 and 2014/1292.
S.I. 2004/1481. Regulation 2 was substituted by S.I. 2010/1010, as amended by S.I. 2011/1969.
S.I. 2005/1529. Paragraph 10BA was inserted by S.I. 2013/1881 and amended by S.I. 2014/366. In paragraph 28 the definition of “relevant credit agreement was inserted by S.I. 2013/1881 and amended by S.I. 2014/366.
S.I. 2010/1013. Regulation 2 was amended by S.I. 2013/1881.
Regulation 2 was amended by S.I. 2010/1969 and 2013/1881.
Schedule 1 was amended by S.I. 2010/1969, 2012/2798, 2013/1881 and 2014/366.
S.I. 2013/1881. Article 58 was amended by S.I. 2014/208, 366, 506 and 2632.
Word in art. 2(1) omitted (20.9.2015) by virtue of The Mortgage Credit Directive (Amendment) Order 2015 (S.I. 2015/1557), arts. 1(2), 2(2)(a)
Words in art. 2(1) inserted (20.9.2015) by The Mortgage Credit Directive (Amendment) Order 2015 (S.I. 2015/1557), arts. 1(2), 2(2)(b)
Word in art. 27(1) inserted (20.9.2015) by The Mortgage Credit Directive (Amendment) Order 2015 (S.I. 2015/1557), arts. 1(2), 2(3)
Words in art. 31(2) inserted (20.9.2015) by The Mortgage Credit Directive (Amendment) Order 2015 (S.I. 2015/1557), arts. 1(2), 2(4)(b)
Words in art. 31(1)(c) substituted (20.9.2015) by The Mortgage Credit Directive (Amendment) Order 2015 (S.I. 2015/1557), arts. 1(2), 2(4)(a)(i)
Words in art. 31(1)(c) substituted (20.9.2015) by The Mortgage Credit Directive (Amendment) Order 2015 (S.I. 2015/1557), arts. 1(2), 2(4)(a)(ii)
Words in art. 31(1)(d) inserted (20.9.2015) by The Mortgage Credit Directive (Amendment) Order 2015 (S.I. 2015/1557), arts. 1(2), 2(4)(b)
Words in art. 31(3) inserted (20.9.2015) by The Mortgage Credit Directive (Amendment) Order 2015 (S.I. 2015/1557), arts. 1(2), 2(4)(c)
Sch. 1 para. 3 omitted (20.9.2015) by virtue of The Mortgage Credit Directive (Amendment) Order 2015 (S.I. 2015/1557), arts. 1(2), 2(5)
Sch. 2 para. 14(1) substituted (20.9.2015) by The Mortgage Credit Directive (Amendment) Order 2015 (S.I. 2015/1557), arts. 1(2), 2(6)
Art. 2(1): text amended (17.3.2016 for specified purposes, 21.3.2016 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(c), 8(2)(a)(i) (with Pt. 5)
Words in art. 2(1) omitted (17.3.2016 for specified purposes, 21.3.2016 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(c), 8(2)(a)(ii) (with Pt. 5)
Words in art. 2(1) substituted (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(2)(b) (with Pt. 5)
Art. 28 substituted (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(4) (with Pt. 5)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
Order: power to modify conferred (11.7.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 3, 86(3), Sch. 1 Pt. 2; S.I. 2023/779, reg. 2(d)
Order revoked (14.12.2023 for the revocation of art. 33) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xiii)
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
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