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FCA Consults on Steps to Simplify Mortgage Rules
The FCA want to make it easier, faster and cheaper for borrowers to make changes to their mortgage. Doing so will help consumers better navigate their financial lives and support growth, both priorities in their new strategy.
The FCA consultation supports greater choice for consumers, making it:
- quicker and easier for consumers to discuss options with a firm, while still having access to advice if they want or need it
- easier for consumers to reduce their mortgage term, lowering the total cost of borrowing and reducing the risk of repaying into later life
- easier for consumers to access cheaper products when remortgaging
Over the last decade, they have driven improvements in mortgage lenders’ conduct standards and culture. Now with the introduction of the Consumer Duty which sets clearer, up-to-date standards in financial services, the FCA want to remove guidance that’s no longer required and provide greater opportunity for innovation.
The FCA have already reminded firms of flexibility in our rules to help people access a mortgage. In June, they will follow this work with a further public discussion on the future of the mortgage market.
This will include consideration of risk appetite and responsible risk-taking, alternative affordability testing and product innovation, lending into later life and consumer information needs.
Emad Aladhal, director of retail banking said: ‘Our strategy aims to deepen trust and rebalance risk to support growth and improve lives.
‘That’s why, with the Consumer Duty now in place to maintain high standards, we want to make it easier, faster and cheaper for borrowers to access and make changes to their mortgage.’
This forms part of the work plan set out in our letter to the Prime Minister, where we set out nearly fifty commitments to support growth of the UK economy.
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