Changes to the Mortgage Code could be on the cards following the submission of a report to the Treasury outlining recommendations aimed at increasing consumer protection.
The report, which was originally due to be published in April this year, has been compiled by the Banking Services Consumer Codes Review Group. The voluntary group is fronted by DeAnne Julius, a former member of the Bank of England’s Monetary Policy. Although no details of the report can be divulged until it is published, one of the main propositions is believed to be concerned with tightening the rules of the Mortgage Code, which could lead to widespread changes in the services provided by banks and building societies to borrowers.
According to Charles Keseru, press officer at the Treasury, no date has yet been set for publication. ‘The report has been submitted to the Treasury, but we do not know when it will be ready for publication. I imagine it will be at least a couple of weeks. Until then, we can make no comment about the contents of the report,’ said Keseru.