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FCA to examine mortgage market competition


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: whether consumers can make “effective decisions” at each stage of the buying process, and how tools including advice affect this, and whether 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 first announced it was looking at the market 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.”



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There are 2 comments at the moment, we would love to hear your opinion too.

  1. Keeps them in work I suppose

  2. //////”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.”

    I would like to know exactly how the FCA are going to find out. The former leader slammed the nation by informing a committee that 50% of the population didn’t know what 50% actually meant. Just how in the name of Zuess’s butt would they expect a consumer to know that they have an empowered choice or are getting value for money from a plethora of information given?

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