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Author: Publisher: ISBN: 9789276223009 Category : Languages : en Pages :
Book Description
The Mortgage Credit Directive (Directive 2014/17/EU) aims to create an efficient and competitive internal market for consumers, creditors and credit intermediaries. It aims to provide a high level of consumer protection; and promote financial stability by ensuring that mortgage credit markets operate in a responsible manner. Member States were required to transpose the Directive into their national law by 21 March 2016, but only eight transposed the Directive on time. Spain was the last country to fully transpose the Mortgage Credit Directive, in June 2019. This study has been commissioned by the European Commission (DG FISMA) to support an evaluation of the Directive and to address the regulatory requirements under Articles 44 and 45. The aim of the study is to assess the effectiveness, efficiency, relevance, coherence and EU added value of the Mortgage Credit Directive as well as the simplification and burden reduction potential, in line with Better Regulation principles. The research has combined a review of the literature with extensive stakeholder consultation, including interviews, a mystery shopping and a consumer survey. The evaluation finds that the Mortgage Credit Directive has effectively raised the bar in terms of consumer protection in many EU Member States and has helped to level the playing field for different market players. On the whole, it has remained relevant in light of digital and other market trends, although there are some areas where clarification is needed. The costs of implementation have also been found to be limited for industry. The market for mortgages however remains of national nature, with limited cross-border activity.
Author: Publisher: ISBN: 9789276223009 Category : Languages : en Pages :
Book Description
The Mortgage Credit Directive (Directive 2014/17/EU) aims to create an efficient and competitive internal market for consumers, creditors and credit intermediaries. It aims to provide a high level of consumer protection; and promote financial stability by ensuring that mortgage credit markets operate in a responsible manner. Member States were required to transpose the Directive into their national law by 21 March 2016, but only eight transposed the Directive on time. Spain was the last country to fully transpose the Mortgage Credit Directive, in June 2019. This study has been commissioned by the European Commission (DG FISMA) to support an evaluation of the Directive and to address the regulatory requirements under Articles 44 and 45. The aim of the study is to assess the effectiveness, efficiency, relevance, coherence and EU added value of the Mortgage Credit Directive as well as the simplification and burden reduction potential, in line with Better Regulation principles. The research has combined a review of the literature with extensive stakeholder consultation, including interviews, a mystery shopping and a consumer survey. The evaluation finds that the Mortgage Credit Directive has effectively raised the bar in terms of consumer protection in many EU Member States and has helped to level the playing field for different market players. On the whole, it has remained relevant in light of digital and other market trends, although there are some areas where clarification is needed. The costs of implementation have also been found to be limited for industry. The market for mortgages however remains of national nature, with limited cross-border activity.
Author: Publisher: ISBN: 9789276359258 Category : Languages : en Pages :
Book Description
This Annex sets out the results of our legal analysis. It considers: - How the Member States have implemented the MCD, i.e. the options taken by the Member States. - Whether the Member States have gone beyond the minimum requirements of the MCD (so-called 'gold-plating'). - The main changes compared to the pre-existing situation (regulatory baseline) in the Member States. The above aspects are key in particular for evaluating the effectiveness, efficiency and added value of the Directive. For example, allowing flexibility in implementation could, in theory, have led to smaller compliance costs for Member State authorities. Yet, such flexibility may also have reduced the added value and the effectiveness of the MCD in meeting its objectives. Maximally harmonised requirements should have ensured consistency in implementation and may have facilitated cross-border trade, but the costs of implementing maximally harmonised requirements may have been larger. The costs associated with implementing the MCD will have been affected by the pre-existing situation in each Member State. Furthermore, in some Member States, with pre-existing legislation, the added value of the Directive may be very small. This legal analysis supports our evaluation of the MCD.
Author: Miriam Anderson Publisher: ISBN: 9789089521989 Category : Housing Languages : en Pages : 460
Book Description
How has European Private Law responded to the property and mortgage markets crisis? And in what way is this reaction likely to model domestic systems? The financial and economic crisis that marked the beginning of the century has had a devastating effect on the property and mortgage markets in many Member States of the European Union. Despite this, the European legislator took its time to respond. This book analyzes the impact of the Mortgage Credit Directive (Directive 2014/17) in twelve different jurisdictions: Belgium, England, France, Germany, Greece, Ireland, Italy, Malta, The Netherlands, Poland, Portugal, and Spain. The reports show how in some instances only certain products (such as foreign currency loans) or practices (irresponsible lending, homeownership promoting policies, the use of unfair terms) were factors that triggered the property crash; in other cases; the system completely failed to address an exceptional situation; and, finally, how in some instances prudent lending explained why the market was virtually not hit at all. This book aims to find out whether the two goals of Directive 2014/17 (financial sector stability and enhanced consumer protection) can be achieved in light of its provisions and of the transposition carried out by the different Member States, and whether the changes it introduces have a significant impact in the jurisdictions considered here. Some systems are already showing signs of yet another property bubble. There is room for hope: perhaps we have learned from the past, perhaps the Directive is a step forward, but more importantly this book shows that we can learn from each other. [Subject: European Law, Private Law, Property Law]
Author: Emilia Miscenic Publisher: ISBN: Category : Languages : en Pages : 24
Book Description
Purchasing real estate is the most important act in the life of the average consumer” according to the Commission Report, COM(95) 117 final. The mortgage credit market belongs to the most complex markets in which consumers engage and the mortgage credit agreements make 70 % of consumer credits in Europe. The Directive 2014/17/EU on credit agreements for consumers relating to residential immovable property or so-called Mortgage Credit Directive, which was adopted in February 2014, aims at the protection of consumers by following the supreme goal of the establishment and functioning of the internal market. At the same time it tries to fight against financial crisis and to promote financial stability by ensuring that the mortgage credit market and its participants operate in a responsible manner. The author examines the provisions of the new Mortgage Credit Directive in the light of consumer protection and by its critical overview tries to answer the question from the title of this paper: “Are consumers finally getting the protection they deserve?
Author: Rita Simon Publisher: ISBN: Category : Languages : en Pages : 15
Book Description
The previously unregulated gap in European consumer credit law was relatively quickly filled by Directive 2014/17/EU on credit agreements for consumers relating to residential immovable property under the pressure stemming from the financial crisis. The deadline of the transposition expired on 21.3.2016, however only 9 member states published their national implementing measures in time, namely the United Kingdom, Germany, Austria, Estonia, Hungary, etc. In less developed mortgage markets with a highly reserved consumer law approach, like the Hungarian and Czech markets, the regulatory framework was created mostly because of the pressure of obligatory transposition. After a brief appraisal of the directive (1) and a short introduction on the already existing Hungarian and Czech mortgage credit regulation (2), this article will examine the main problem areas of these two national implementations: the information provision requirements towards credit intermediaries and creditors (3), and the admission of intermediaries (4).
Author: Nora Beausang Publisher: Bloomsbury Publishing ISBN: 152651589X Category : Law Languages : en Pages : 2506
Book Description
With 2000+ pages of guidance, this important new textbook provides an extensive and in-depth guide to the current labyrinthine regulatory regime relating to consumer and SME credit (by way of cash loans) and protection generally, including the Consumer Protection Code, the Consumer Credit Act (housing loans and non-housing loans), the EU Consumer Credit Regulations, the EU Mortgage Credit Regulations and the Central Bank Housing Loan Regulations. Other lending-related conduct of business requirements are also covered in detail, including the Code of Conduct on Mortgage Arrears, the Lending to SME Regulations, the Code on Related Parties Lending and the Credit Reporting Act, together with applicable EBA/ECB Guidelines dealing with loan origination, product oversight and governance, non-performing exposures/loans and arrears. The regulated activities triggering authorisation as a retail credit firm or credit servicing firm are also addressed in detail. The book additionally extends beyond lending to have application to the wider business of regulated firms in the financial services arena, dealing in detail with issues including the general principles and requirements of the Consumer Protection Code,the fitness and probity regime including the area of minimum competency, distance marketing requirements and other background to the regulatory regime in Ireland including the increased regulatory focus on the culture of regulated firms and product oversight and governance. The available redress/recourse mechanisms are also covered, including the Financial Services and Pensions Ombudsman, the Credit Review Office, the regulatory and other consequences of breach of applicable requirements and the significant risk management area for regulated firms of their customers' statutory right to redress on breach of financial services legislation. In addition, the book has relevance to professionals dealing with consumers in any contractual context including extensive treatment of how the concept of 'consumer' has developed under common law, the unfair commercial practices regime and the increasingly topical area of unfair contract terms legislation. Relevant case law of the Irish courts and other common law jurisdictions, together with an expanding corpus of decisions from the CJEU, are addressed in detail. This book's practical style is designed to assist bankers, other regulated firms, lawyers, compliance professionals and regulators in the application of a complex area. Rather than simply setting out the separate requirements, the book seeks to navigate the at times contradictory legislative and regulatory strands to give (in so far as is possible) a coherent sense of how they integrate. Much of the content is unique and cannot be found in any other publication. An essential addition to the library of every lender, practitioner and compliance and regulatory risk professional, particularly in the areas of consumer and SME credit.
Author: Hans-W. Micklitz Publisher: Routledge ISBN: 1317161254 Category : Law Languages : en Pages : 310
Book Description
This book analyses the dichotomy between the goal of social inclusion and the effect of social exclusion through over-indebtedness since 2008 in Europe. Filling a vital gap in the current literature on the effects of the financial and economic crisis, this volume puts into context academic discussion with the real-life dimension of over-indebtedness. Reports from six European countries provide socio-economic and legal information on over-indebtedness as well as the regulatory and judicial responses to the problems entailed by over-indebtedness. They form the empirical background for five analyses of different aspects of the inclusion-exclusion dichotomy. It becomes clear that in the context of credit expansion, individual over-indebtedness has turned into a social issue, which the current design of the consumer credit and mortgage system in Europe has helped to produce while disregarding the consequential danger of social exclusion.
Author: Andrew Haynes Publisher: Bloomsbury Publishing ISBN: 1526517795 Category : Law Languages : en Pages : 510
Book Description
A comprehensive guide to the rules and regulations that govern the UK financial services industry, providing: - Analysis of the various laws and regulations and how they impact on customer relations and retail products - An outline of the protection given to clients' money and the functioning of the prudential requirements - An explanation of the rationale and operation of enforcement procedures - Details of requirements as they apply to professionals who engage in financial services activities as an incidental part of their professional activities - A consideration of recently implemented EU initiatives The fifth edition has been fully updated in line with the post-EU regime and in addition includes updates to: - the new investments and investment activities and the FCA rules and their impact - the FCA authorisation procedures and their impact - the approved persons regime - the rules and, in particular, their applications in relation to retail products and customer relations - the rules in relation to professionals as well as coverage of: - the EU Market Abuse Regulation - 4th and 5th Money Laundering Directives in their UK form including additional examples of enforcement actions and prosecutions and the lessons to be learned - new case law in relation to enforcement and the lessons learned Covering the latest developments, this valuable text is set out in the context of common practice and is indispensable for those working within or otherwise associated with the financial services industry, namely lawyers, compliance officers, auditors, financial advisers, consultants, academics and students.
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Author: Miriam Anderson
Author: Emilia Miscenic
Author: Great Britain
Author: Rita Simon
Author: Nora Beausang
Author: Great Britain
Author: Hans-W. Micklitz
Author: Andrew Haynes