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Mortgage sector praises FCA performance

The FCA says the mortgage market was generally satisfied with its performance over the past 12 months, according to its latest practitioner panel survey.

The ‘retail lending’ group, which includes mortgage firms, gave the FCA a mean satisfaction score of 7.3 out of 10, up from 7 out of 10 for the previous 12 months.

 The FCA says firms’ overall rating of its effectiveness had risen to 7 out of 10 from 6.7 out of 10 last year.

The lowest mark was 5.4 out of 10, from 2010.

Seventy-six per cent of retail lending respondents said their trust in the FCA had stayed the same over the past 12 months, with  17 per cent saying it had improved and the rest saying it had worsened.

The survey showed that 84 per cent of the sector had contact with the FCA at least once every six months.

Around 72 per cent gave a good rating to their communication with the FCA, giving scores of 7 to 10 out of 10.

Twenty-five per cent gave a rating of 4 to 6 out of 10.

The regulator says 11 per cent of the retail lending group responded to the survey.

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