The FCA has published Policy Statement 16/7: Future regulatory treatment of CCA regulated first charge mortgages (PS16/7).
Last November the FCA consulted on the future regulatory treatment of first charge mortgages which were entered into before 31 October 2004 and are regulated under the Consumer Credit Act 1974 and the FCA Consumer Credit sourcebook. In PS16/7 the FCA summarises feedback received to its earlier consultation and its response. The FCA also sets out final rules which come into effect on 21 March 2016. However, such rules will only apply when the affected loans become regulated mortgage contracts on 21 March 2017, unless the firm in question takes steps to apply the relevant rules before that date.