The FCA has published a consultation paper which sets out its proposals for changes to its mortgage advice and selling standards.
The purpose of the consultation is to address the issues identified through the FCA’s mortgages market study, which include –
- that the FCA’s advice rules and guidance are a barrier to the development of tools to help consumers choose and buy a mortgage;
- that consumers who would like to buy a mortgage on an execution-only basis find it difficult to do so because execution-only sales channels are not always easy to use; and
- that many consumers are overpaying for their mortgages, even when they get advice.
The deadline for comments is 7 July 2019.