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Property loans to be protected across Europe

29 November 2004

Plans to create pan-European consumer protection guidelines for mortgage loans are being considered by the European Commission.

Press reports claim the new guidelines will be used to increase the integration of the European financial industry.

FT Deutschland cites a recent consultancy report delivered to the commission, which is expected to be officially presented next month, with proposals for the new regulations to be announced in the second half of next year.

The commission wants to boost consumer mortgage protection as current laws are only voluntary, while it is also hoped that standardised laws will serve to open up domestic EU markets to competition from the rest of the EU.