Mortgage Regulation

EDM number 251 in 1999-00, proposed by Vincent Cable on 12/01/2000.

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.

This motion has been signed by a total of 42 MPs, 1 of these signatures have been withdrawn.