United Kingdom · Motion · Early Day Motion
EDM 251
MORTGAGE REGULATION
Introduced
12 January 2000
Last action
12 January 2000 · Early Day Motion
Status
0
Sponsors
Sir Vince Cable
Subjects
Discovery layer
Source updated
12 January 2000
Summary
That this House notes the repeated call by Government ministers including the Chancellor and Secretary of State for Trade and Industry for tougher action against abuses by mortgage lenders which have been amply documented by, inter alia, the Consumers Association; notes that the Burns Committee on Financial Services called for the statutory regulation of mortgage lending; notes that the Treasury has completed a consultation exercise on mortgage lending and promised to announce its conclusions before the New Year; and calls on the Government to supplant the present system of self-regulation by those lending institutions responsible for abuses and promptly to introduce a statutory system which will stop such practices as penalties for early repayment of mortgages, cross-selling of uncompetitive insurance products and hidden fees and which will provide a remedy for inadequate and poor advice.
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Timeline
12 January 2000
Early Day Motion
That this House notes the repeated call by Government ministers including the Chancellor and Secretary of State for Trade and Industry for tougher action against abuses by mortgage lenders which have been amply documented by, inter alia, the Consumers Association; notes that the Burns Committee on Financial Services called for the statutory regulation of mortgage lending; notes that the Treasury has completed a consultation exercise on mortgage lending and promised to announce its conclusions before the New Year; and calls on the Government to supplant the present system of self-regulation by those lending institutions responsible for abuses and promptly to introduce a statutory system which will stop such practices as penalties for early repayment of mortgages, cross-selling of uncompetitive insurance products and hidden fees and which will provide a remedy for inadequate and poor advice.
Source: Early Day Motion
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Sponsors
- Sir Vince Cable · Liberal Democrat · Primary sponsor
Related records
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Sources
PoliticalRepo is an index and interpretation layer, not the authoritative legal source.
- Official source: https://edm.parliament.uk/early-day-motions/18685
- Open data entity: https://oralquestionsandmotions-api.parliament.uk/EarlyDayMotions/list
- uk · edm-18685 · source updated 12 January 2000