Timeline
This table shows the current timeline for EU work on mortgages.
| European Commission and European Parliament work | Date | FSA work |
|---|---|---|
Commission called a meeting of the Governmental Expert Group on Mortgage Credit. Commission set up an Expert Group on Credit Histories. The aim of the group is to identify solutions that maximise the circulation of credit data within the EU, whilst ensuring a high level of consumer protection. |
Q3 2008 | Both the Treasury and FSA represented the UK on the Governmental Expert Group. |
| Member State views sought, by questionnaire, on responsible lending and advice issues. | Q2 2008 | UK submitted joint response from the Treasury and FSA to the Member State questionnaire on responsible lending and advice issues Gave a presentation on the consumer protection aspects of the White Paper to the CML EU White Paper seminar. Spoke on the topic of standardised disclosure at European Federation of Building Societies event in Strasbourg. |
Commission published a White Paper on Mortgage Credit. The approach set out in the White Paper draws on an Impact Assessment published at the same time. Commission published a summary of stakeholder responses to the reports of the Mortgage Funding Expert Group and the Consumer/Industry Dialogue Group. |
Q4 2007 | FSA gave a presentation on affordability issues to the European Mortgage Federation’s annual conference. |
| Commission published a summary of the written contributions received on the Green Paper on Retail Financial Services | Q3 2007 | UK submitted joint response from the Treasury, OFT and FSA to the Green Paper on Retail Financial Services |
| Commission published a Green Paper on Retail Financial Services | Q2 2007 | |
| Commission published a press release explaining that the two expert group reports are available on its website and inviting comments by 15th Feb | Q1 2007 |
UK submitted joint response from the Treasury and FSA to the two expert group reports. View response [PDF] Stakeholders may also be interested in the Financial Services Consumer Panel's response to the reports. Attended Governmental Expert Group meeting in January to discuss the reports of the Mortgage Funding Expert Group and the Consumer/Industry Dialogue Group. |
| Mortgage Funding Expert Group and Consumer/Industry dialogue group reported to the Commission |
Q4 2006 | John Tiner gave keynote speech to the European Mortgage Federation’s annual conference. Speech Gave a presentation to the CML UK Mortgage Funding Summit, providing an overview of the European Green Paper on mortgage credit. |
| Q3 2006 | UK submitted joint response from the Treasury and FSA to Commission questionnaire to Member States seeking their views on the case for intervention Other Member States' responses are available on the Commission's website |
|
| Commission sent questionnaire to the Governmental Expert Group. The Questionnaire refers to many of the Green Paper issues and seeks further information on existing national controls and the Member State appetite for change | Q2 2006 | The FSA gave expert evidence to Internal Market and Consumer Protection (IMCO) mini-hearing, drawing on experiences in introducing national legislation. View presentation [PDF] |
| Commission established Mortgage Funding Expert Group to advise on obstacles to a more open funding market, and how to address these. Launch of industry and consumer stakeholder discussions on consumer protection issues, hosted by the Commission. Commission reconvened the Governmental Expert Group on Mortgage Credit to review responses to the Green Paper |
Q1 2006 | The FSA gave expert evidence to Economic and Monetary Affairs (ECON) mini-hearing, drawing on experiences in introducing national legislation. View presentation [PDF] Both the Treasury and FSA represent the UK on the Governmental Expert Group |
| Commission's consultation on Green Paper closed. European Parliament launches its own study into case for action on mortgages. Two European Parliaments expressed interest. The lead committee is Economic and Monetary Affairs (ECON), the second committee is Internal Market and Consumer Protection (IMCO) |
Q4 2005 | UK submitted joint response from the Treasury and FSA to Green Paper. View response [PDF] FSA addressed Commission Mortgage Credit Hearing Debate, 'What lessons can be learned from national regulation on mortgage credit?' View speech |
| Commission published a Green Paper 'Mortgage Credit in the EU'. Commission published study on the Costs and Benefits of Integration of EU Mortgage Markets prepared by London Economics |
Q3 2005 | |
| Q1 2005 – Q2 2005 |
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| The Mortgage Forum Group report published, recommending 48 actions to the Commission to promote a single mortgage market. The Governmental Expert Group on Mortgage Credit established to consider the Mortgage Forum Group Report |
Q4 2004 | Both the Treasury and FSA represent the UK on the Governmental Expert Group |
| Q2 2004 – Q3 2004 | ||
| Q1 2004 | FSA gave expert evidence on disclosure to the Mortgage Forum Group | |
| Q2 2003 – Q4 2003 | ||
| The Commission established a Mortgage Forum Group (of industry and consumer stakeholders) | Q1 2003 |
