The Mortgage Credit Directive

Although the lift in the market has of course been a welcome one for mortgage providers recently, the financial services industry has been given another shake-up as the EU-wide Mortgage Credit Directive (MCD) has been brought into play and yet another sway of regulation hits us this month .

Unsurprisingly there is both confusion and the usual anomalies – why for instance if a client borrows money for art or a boat is this “unregulated” and therefore an immediate transfer, but for property transactions the reft of compliance issues dominate!? These things can be problematic however at MCIFA we are always ahead of the curve and our compliance team are well versed on the issues.

Paul Munford – CEO

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