‘A Guide to European Financial Services Legislation’ looks at how the European Commission has become increasingly involved in the sector and explains what it expects to happen in its Mortgage Credit Green Paper.
It also outlines the implications of other European directives, such as the Markets in Financial Instruments Directive (MiFID) and The Consumer Credit Directive (CCD).
Rob Griffiths, associate director of AMI, commented: “The European agenda continues to shape and impact the regulation of UK financial services. We have already seen the impact of major European directives such as the Insurance Mediation Directive (IMD) and with both MiFID and the CCD on the horizon, brokers should be aware of their content and their potential impact.”
Also explained in the factsheet are the different branches of European legislative, as well as both the roles of major institutions such as the European Commission and the specialist financial arms, for example the European Banking Committee.
As well as the institutions, it aims to shed light on the decision-making process and how legislation is formulated.
Griffiths added: “Because of the greater willingness to regulate financial services at a European level, an increasing part of AMI’s lobbying work now takes place in Brussels. The factsheet aims to give members an overview of the European legislative institutions, their work and potential effect on brokers.”
Bill Warren, director at Complete Mortgage and Loans Service, said: “Smaller firms are unlikely to be aware of how Europe affects them and would struggle to translate what implications it has. Those reading the AMI factsheet will get a better idea of this as it is very useful.”
