The UK government has launched its promised consultation on the powers that the Bank of England’s Financial Policy Committee should have over the buy to let mortgage market.
This consultation aims to gather views on how the operation of the nation’s buy to let mortgage market may carry risks to financial stability. It also seeks respondents’ opinions on the specific tools in relation to which the FPC has recommended it be granted powers of direction, including in their impact on business activity and prosperity, on the draft legislation, and on the consultation stage impact assessment.
The consultation is primarily targeted at individuals, institutions and associated bodies that would be affected by the FPC’s powers of direction but the government said that it also welcomes the views of other parties interested in housing market policies.
Following the consultation, the government will examine the consultation responses and use them to help to define the instrument that will place the powers in legislation. The government will set out how it intends to proceed in a consultation response document in 2016.
The full article can be read at PropertyWire.com