View more on these topics

FCA unconcerned branch meetings could last over 3 hours post-MMR

The FCA says it is not concerned by claims that appointments with a branch mortgage adviser will take over three times longer as a result of the mortgage market review.

Earlier this month, Money Marketing’s sister title Mortgage Strategy revealed some lenders are expecting appointments with their in-house advisers to take as long as three and a half hours due to the more onerous affordability rules.

Lenders are warning behind closed doors that borrowers could be forced to wait weeks for a branch appointment as lenders struggle to get enough qualified advisers in place.

Speaking at an MMR press briefing in Canary Wharf last week, FCA director of mortgages and consumer lending Linda Woodall said the regulator is not concerned that appointments could take longer.

She said: “There is undoubtedly an issue around getting slicker.

“But I think we would also make no bones about the fact that a mortgage is, for most people, the biggest financial commitment they make and for a process to be a bit more thorough around affordability, we think will lead to more sustainable outcomes than we have seen in the past.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com