View more on these topics

FCA workload delays mortgage competition report

Business, table, work, board
The FCA says its investigation into mortgage market competition has been moving slowly because it created unforeseen amounts of work.

The regulator was due to publish an interim report this summer, but this has not happened.

Mortgage Strategy understands this will come in Q1 2018, with the full report later in the year.
Recent FCA board meeting details say the delay has been due to workload.
The board minutes say: “On policy implementation, the mortgages market study entailed a lot of work and so was moving more slowly than anticipated”.
The regulator’s market study will look at whether commercial arrangements between lenders, brokers and other players lead to conflicts of interest or “misaligned incentives” that harm consumers.
It will also find out if consumers can make “effective decisions” at each stage of the buying process, and how tools and advice affect this.

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 is also reviewing if better technology can help consumers, including greater use of digital channels to deliver information or advice.

The regulator first announced plans for a mortgage market study in May 2016.
Rent-to-own
The board minutes add that the regulator still plans to examine the rent-to-own market.
In July the regulator said it wanted to consult on how consumers use rent-to-own and whether more affordable alternatives are available.  

Recommended

Payment-Fine-Currency-Money-700.jpg

Competition and Markets Authority clamps down on cartels

Competition and Markets Authority (CMA) is clamping down on cartels, which it says are damaging to both the economy and consumer rights. In its first campaign the CMA is offering whistleblowers up to £100,000 to those anonymously reporting on businesses that agree not to compete with each other to maintain high prices. Research by the […]

FCA logo new 620x430.jpg

Industry responds to FCA competition review details

The mortgage market has broadly welcomed the details of the Financial Conduct Authority market study into mortgage competition. The market study, published earlier today, aims to find out if competition in the mortgage market can be improved to help consumers. The Association of Mortgage Intermediaries says it is pleased the FCA has refined the scope […]

FCA logo new 3 620x430
1

FCA to examine first charge resi in mortgage competition review

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 […]

Will the FCA rewrite the mortgage rulebook over competition?

As the FCA gears up for the sequel to the Mortgage Market Review, experts are rattled by the prospect of yet more industry upheaval, with brokers and networks cast as villains The dust has barely settled on the MMR but the spectre of another rulebook rewrite appears to be just around the corner. In May, […]

Newsletter

News and expert analysis straight to your inbox

Sign up
Comments
  • Post a comment
  • Stuart Duncan 3rd November 2017 at 4:06 pm

    Made me smile a bit; I can’t use “Workload” as an excuse for failing to meet Compliance time-scales, but it seems okay for the FCA to miss their own time-scales (by a year or more!).