FCA Seeks Input on Mortgage Sector
In October, the Financial Conduct Authority (FCA) opened a two-month Call for Inputs on competition in the United Kingdom (UK) mortgage sector. The feedback is expected to complement the FCA’s own fact finding initiatives through recent market studies. In a statement, FCA Director of Strategy and Competition, Christopher Woolard, said, “For millions of consumers a mortgage is one of the biggest, if not the biggest, financial transaction they will enter into in their lifetime. The mortgage sector also plays a vital role in the financial services industry and many areas of the economy. Competition can play a key role in ensuring that the sector works well, delivering consumer benefits through lower prices, better customer service, and more product choice. We are seeking stakeholders’ views on competition in the mortgage sector.”
Specifically, the agency is soliciting feedback on the current regulatory regime in place, barriers to market entry and innovation, consumers’ access to financial information and mortgage lender conduct. The comment period will close on December 18, 2015. After which, the FCA has stated that it will decide whether or not further action, in the way of supervisory enhancement or rulemakings, is necessary.
FCA Press Release:
FCA Call for Inputs: