A trainee asks why the UK still has the European Standardised Information Sheet (ESIS) for mortgages, years after Brexit. What is the best explanation?
The European Union (Withdrawal) Act 2018 kept EU-derived law in force in the UK after 31 December 2020 as retained (now 'assimilated') law, including the Mortgage Credit Directive requirements implemented in MCOB 5A and 6A (ESIS, reflection period). The UK can amend it; FSMA 2023 provides for replacing retained EU financial services law with regulators' rules. The UK is no longer bound by new EU mortgage law, and the ESIS applies to UK regulated mortgages.
Assuming EU-derived rules disappeared or still bind the UK as EU law.
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