This document presents the rationale behind and an overview of the significant regulatory changes happening in the UK. It goes on to speculate on how these changes might affect the shape and structure of the UK mortgage industry. The paper also provides an overview of the current shape and structure of the UK mortgage market. Within the paper, the potential value to other markets of the knowledge gained through the UK experience of effective non-statutory regulation will be explored, with particular reference to the keen interest in the model expressed by professional mortgage bodies in Canada and Australia, and of course elsewhere in Europe. The paper will look at the potential impact of the introduction of statutory regulation on the UK market including some comments on the remaining transition period leading to the implementation of statutory regulation. Having a consumer protection focus, with key commitments that firms must subscribe to in terms of fair dealing with customers and minimum standards for information disclosure and provision of advice, the Code and MCCB have become acknowledged models for non-statutory regulation in the UK. Lenders who are members of the CML must agree to comply with the Mortgage Code and register with MCCB.