in July 1997 to £224,719 in July 2017 (20 years), which was average house price inflation of 6.4% per annum, and from £72,795 in July 1998 to £231,187 in July 2018 (20 years), which was average house price inflation of 5.9% per annum. In July 2019 the UK House Price Index was £232,710. Regulation In the 1990s, mortgages were not fully regulated. Banks operated voluntarily under the Banking Code, and mortgage lenders operated voluntarily under the Mortgage Lenders Code. As a condition of operating under the Banking Code, banks had to sign up to the Financial Ombudsman Service, which has legal powers to put things right if customers have been treated unfairly. Although Barclays Bank and the Bank of Scotland marketed Shared Appreciation Mortgages under their company branding, they set up separate companies to administer and issue the mortgages. These separate companies were not signatories to the Banking Code, and so the Financial Ombudsman Service was not able to investigate customers' complaints about Shared Appreciation Mortgages. However Barclays' booklet on shared appreciation mortgages says on the back cover, under the heading "The Mortgage Code and the Banking Code", "Barclays is committed to the Mortgage Code and the Banking Code, both of which set out the commitments and standards of banks in dealing with their customers. As such, we ensure that our products and services comply with the terms of both Codes. The Mortgage Code relates specifically to the service we provide, the provision of information regarding our mortgage products and services and how they operate." The Mortgage Code came into effect on 1 July 1997 for lenders and on 30 April 1998 for mortgage intermediaries. It remained in force until 31 October 2004, when the Financial Services Authority's Mortgage Conduct of Business Sourcebook (MCOB) came into force. The standards of the Code are encompassed in ten key commitments, which include helping customers to understand the financial implications of a mortgage. The Financial Services Authority (FSA) did not start to regulate mortgage business until 31 October 2004. The FSA was replaced by the Financial Conduct Authority (FCA) on 1 April 2013. Legislation The Consumer Credit Act 1974 significantly reformed the law relating to consumer credit. The Consumer Credit Act 2006 extended the scope of the Consumer Credit Act 1974, created the Financial Ombudsman scheme, and increased the powers of the Office of Fair Trading. It permits borrowers to challenge unfair debtor-creditor