If you are a housing association which holds mortgages or other loans secured on land, which were entered into before 1 April 2014 and which are not first legal charges or mortgages, then from 20 March 2016 you may need permission from the Financial Conduct Authority (FCA) to continue to hold such loans.
Any housing association affected by this change therefore needs to quickly establish:
- Do they need this permission from the FCA,
- If so, do they already have that permission, and
- If not, apply for interim permission before 31 March 2016 (and then apply for full permission by 31 June 2016)
Further details on this change can be found on the FCA's website.
If you have any queries on these new requirements then please do not hesitate to contact our financial services partner, Alan Hughes on +44(0)1392 685266 or firstname.lastname@example.org or our social housing partner, Georgina Savill on +44(0)1392 685343 or email@example.com