Mortgages, UK | JD Supra

Financial resilience – consumer finance firms: UK FCA finds risk governance / management shortcomings

Hogan Lovells on 10/25/2024

In the second half of 2023 and the first half of 2024, the Financial Conduct Authority (FCA) carried out a review of a sample of consumer credit firms and non-bank mortgage lenders to assess their approach to financial...more

English High Court rules on transferee mortgage lender's entitlement to maintain prevailing SVR

Hogan Lovells on 10/22/2024

The High Court in London has given judgment on three key preliminary issues in a claim brought by former customers of Northern Rock, whose mortgages and loans were acquired by TSB Bank. The Court found in favour of TSB on...more

Could an interest rate reduction reduce government expenditure?

IR Global on 9/6/2024

A 1% reduction in the Bank Rate would reduce the UK government's annual interest charges on the national debt, but the exact amount of the reduction depends on the proportion of the debt that is sensitive to changes in...more

Structured Finance Spectrum - Summer 2024

Alston & Bird on 8/7/2024

Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features the new UK securitization regime, eHELOCs, and climate risk disclosures....more

UK and New York repurposing trends: how do they compare?

Hogan Lovells on 7/11/2024

One of the many benefits of being in a truly global law firm, is being able to explore the experiences of counterparts around the world – which are often so similar, yet so very different – to help inspire and inform what we...more

UK Financial Conduct Authority Publishes Mortgage Charter Uptake Data

A&O Shearman on 6/19/2024

The Financial Conduct Authority has published a new webpage on Mortgage Charter Uptake data. The webpage sets out the latest uptake data from firms who have signed the Government's Mortgage Charter. The Charter was introduced...more

Key Regulatory Topics Weekly Update 16 February to 22 February 2024

A&O Shearman on 2/26/2024

Of particular note this week in the EU, the Council adopted the legislative package to strengthen market data transparency which includes changes to the EU’s trading rules on market data, payment for order flow and commodity...more

Proceeds of Crime and the Cautionary Tale of Convicted Fraudster Achilleas Kallakis

Ankura on 12/22/2023

Recent SFO Confiscations Linked To Decade-Old Crime - On 24 November, the Serious Fraud Office (SFO) successfully confiscated £250,000 from Achilleas Kallakis, which was held as a debenture by The Queen’s Club, home of the...more

The UK Introduces Repayment Concessions for Residential Mortgages

Cadwalader, Wickersham & Taft LLP on 9/20/2023

In June of this year, the UK’s Financial Conduct Authority (“FCA”) introduced rules to allow mortgage lenders to more easily vary contracts in order to allow borrowers to make reduced capital payments or switch to an...more

FCA measures to help consumers with mortgages: considerations for securitisation transactions

Hogan Lovells on 9/6/2023

Over the summer, the UK government announced that it had agreed a new Charter of support measures for mortgage holders with the FCA and the UK's principal mortgage lenders. Resultant changes to the FCA’s mortgages sourcebook...more

Marshall Islands Maritime Act Amended

Seward & Kissel LLP on 8/30/2023

In August 2023, the parliament of the Republic of the Marshall Islands, the Nitijela, adopted amendments to the Maritime Act of 1990 (the “Maritime Act”), which can be found here. Set forth below is a summary of the...more

MoFoREAL: European Real Estate Newsletter (Q2 2023)

Morrison & Foerster LLP on 6/29/2023

Welcome to the latest edition of MoFoReal, our newsletter highlighting recent activities and other developments in MoFo’s European Real Estate team. In this edition, we consider the risk that power procurement poses to UK...more

A penalty for your thoughts: default interest rate found to be penal

A&O Shearman on 6/16/2023

The High Court has found a clause that imposed default interest of 4% per month on a defaulting party to be a penalty and therefore unenforceable....more

UK FCA final mortgage support guidance for firms assisting borrowers during cost of living crisis

Hogan Lovells on 3/21/2023

The FCA has published its finalised guidance (FG23/2) for firms supporting their existing mortgage borrowers impacted by the rising cost of living. The FCA reiterates that the guidance clarifies the effect of its existing...more

UK FCA consults on mortgage support guidance as cost of living starts to bite borrowers

Hogan Lovells on 12/8/2022

With interest rates rising and inflation and energy prices at record levels, the government, major mortgage lenders and the UK FCA have agreed a range of measures that firms can use to support their existing mortgage...more

Economic Crime (Transparency and Enforcement) Act 2022 (the "Act") – Answering Your Questions

Dechert LLP on 10/10/2022

This note summarizes those provisions of the Act applicable to England and Wales that deal with the new register of overseas entities ("ROE") that has been established at Companies House in the UK. It seeks to identify and,...more

Lenders beware: are you waiving your rights away?

A&O Shearman on 5/12/2022

In Lombard North Central v European Skyjets, the court gives all secured lenders a lesson in how to declare an event of default, terminate a credit agreement and enforce security. What makes this case interesting is that the...more

CFPB Issues Final Libor Transition Rules

Holland & Knight LLP on 12/21/2021

The Consumer Financial Protection Bureau (the Bureau) has issued final regulations (Final Regulations) to facilitate the transition away from Libor (the London Interbank Offered Rate) in the consumer credit market and to...more

Consumer finance regulatory news, May 2021

Hogan Lovells on 5/17/2021

FCA credit broking survey - The UK Financial Conduct Authority (FCA) has announced that it plans to send a survey to 300 credit broking firms on 20 May 2021 asking them to update the information the FCA holds on how the...more

Consumer finance regulatory news, April 2021

Hogan Lovells on 4/5/2021

COVID-19: FCA updates mortgage guidance and reports on mortgage and consumer credit firms' implementation of tailored support guidance - On 25 March 2021, the UK Financial Conduct Authority (FCA) published updated Finalised...more

Consumer finance regulatory news, March 2021 # 2

Hogan Lovells on 3/15/2021

COVID-19: FCA consults on revisions to mortgages tailored support guidance - On 5 March 2021, the UK Financial Conduct Authority (FCA) published a short consultation (which ended on 10 March 2021) on a revised version of its...more

Financial Services Report - Spring 2021

Morrison & Foerster LLP on 3/2/2021

Can you say 0 to 60? Not cars, but pretty much everything to do with financial services. A new year, a new administration, and new challenges for providers. Prior CFPB Director Kraninger is long gone. Acting Director Uejio...more

Consumer finance regulatory news, February 2021

Hogan Lovells on 2/2/2021

COVID-19: FCA updates mortgage and consumer credit repossessions guidance - On 27 January 2021, the UK Financial Conduct Authority (FCA) published a statement giving an update on mortgages, consumer credit, banking and...more

Consumer finance regulatory news, January 2021

Hogan Lovells on 1/19/2021

Debt Respite Scheme (Breathing Space): Insolvency Service guidance - The Insolvency Service (IS) has published guidance for creditors and money advisors about the debt respite scheme (Breathing Space), which comes into effect...more

Coronavirus: The Hill and the Headlines, December 2020 # 2

Hogan Lovells on 12/3/2020

In Washington: Congress continues to debate a new coronavirus relief package, possibly as part of a government spending bill due December 11. Here are the latest developments...more

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