Structure of the Act Part 3 – Other Provisions Other Section 316 – Amendments to Housing Act 1985: lending institutions
896.Section 307 removes the Secretary of State’s powers under section 156 of the Housing Act 1985 to specify bodies as approved lending institutions and to revoke that status. It instead adds “authorised mortgage lender” to the list in section 156(4) of automatically approved lending institutions. “Authorised mortgage lender” is defined in section 622 of the 1985 Act as (i) bodies which are authorised by the Financial Services Authority (FSA) and (ii) European lenders automatically entitled to operate in the United Kingdom. Section 316 amends two definitions in section 622 of the Housing Act 1985, those of ‘authorised deposit taker’ and ‘authorised insurer’, to bring the wording into conformity with the definition of “authorised mortgage lender”, in each case by substituting a reference to paragraph 12 of Schedule 3 to the Financial Services and Markets Act 2000 instead of to paragraph 12(1) of that Schedule.