On 7 May 2019, the UK House of Commons had its first reading of a private members’ bill, sponsored by Charlie Elphicke MP, called the Banking (Consumer and Small Business Protection) Bill 2017-19.
There is little information on the detail at this stage: Parliament’s website says the Bill is “being prepared for publication”. But the summary is interesting: “A Bill to make provision to enable consumers to transfer mortgages between providers; to prohibit the sale of mortgage debt to unregulated entities and the foreclosure of certain loans; to establish financial services tribunals; and for connected purposes”
There may, of course, be overlap with the UK Financial Conduct Authority’s consultation paper on helping so called ‘mortgage prisoners. Private Members’ Bills are also notoriously difficult to pass into law. It’ll therefore be interesting to keep a close eye on the Bill’s progression.