View more on these topics

FCA to examine first charge resi in mortgage competition review

FCA logo new 3 620x430

The Financial Conduct Authority has launched a market study to find out if competition in the mortgage market can be improved to help consumers.

The FCA says it wants to know if consumers have an “empowered” choice between products and services and can understand if these are good value for money.

The market study will explore two areas:

– If consumers can make “effective decisions” at each stage of the buying process, and how tools including advice affect this

– If commercial arrangements between lenders, brokers and other players lead to conflicts of interest or “misaligned incentives” that harm consumers

The FCA is focusing on first charge residential mortgages.

Areas it is interested in include best buy tables and the impact of the Mortgage Market Review.

The FCA will also review if better technology can help consumers, including greater use of digital channels to deliver information or advice.

The FCA announced the study and its focus in May and will report back next summer to give its preliminary conclusions.

It will then publish a final report in early 2018.

The regulator can then make new rules, publish new guidance or remove existing rules.

FCA executive director of strategy and competition Christopher Woolard says: “As a mortgage is likely to be the biggest financial commitment most people make in their lifetime, we’re keen to ensure that competition in the mortgage sector is healthy and working to the benefit of consumers.”

Recommended

Book-and-Gavel-Justice-Fine-Ban-700x450.jpg

FCA calls on providers to review closed-book policies

The FCA has called on providers to review their closed-book policies to make sure customers are still being treated fairly. Except in “exceptional” cases, products should be reviewed at least every five years, the regulator said in new guidance on how to treat closed-book customers this morning. The update follows a March review of how long-standing customers […]

FCA logo new 2 620x430

FCA to toughen crowdfunding rules

The FCA plans to toughen its rules for crowdfunding firms, including extending mortgage-lending standards to loan-based platforms. The regulator today issued an update on its review of the loan-based and investment-based crowdfunding market. The regulator has proposed several new rules for the market, which it will consult on in early 2017. The new rules include […]

Rob-Clifford-MM-Peach-700.png

FCA unlikely to loosen the shackles: Clifford

Imla may hope for a more optimistic approach from the FCA for those locked out of the market but it faces disappointment Several interesting white papers published in the past few weeks were designed to assess the market and to propose changes in order to develop a more rounded, fit-for-purpose process. The Conveyancing Association’s paper […]

A bull case for US equities?

Neptune video: a bull case for US equities?

Watch Felix Wintle, head of US equities at Neptune, discuss why he believes US equities are in a structural bull market and the key factors that can drive the S&P 500 higher.

In the video, Wintle addresses the following:

• The US market and why — despite equities rising from 2009 — he believes the structural bull market only started in 2013
• Key economic and corporate factors that can drive the S&P 500 higher
• Investment themes and sectors offering exposure to the domestic recovery

Newsletter

News and expert analysis straight to your inbox

Sign up
Comments