MMR

Firms not behaving in spirit of MMR

Regulator has concerns about competition in sector

The Financial Conduct Authority (FCA) is considering its regulation of the equity release market amid concerns a "dirty word" reputation has led to an under-functioning market.

Most customers are receiving suitable mortgage advice but some firms rely too heavily on tightly structured processes, which force their advisers to bend information to give supposedly 'suitable advice', the regulator has found.

Mortgage network Pink has said all its intermediaries will now discuss income protection with clients from the first meeting onwards.

National advice firm Lighthouse Group has launched a "holistic" mortgage and protection advice service in response to demand from clients.

High street bank mortgage approvals were down 20% in November compared with the year before, new figures from the British Bankers' Association (BBA) have shown.

Brokers have called for Financial Conduct Authority (FCA) staff with more sector knowledge of the mortgage intermediary industry to stop undue lender influence on regulatory decisions.

The Financial Conduct Authority (FCA) may restrict the changes lenders can make to mortgage contracts after assessing the fairness of the existing regulations.

Head of the Financial Conduct Authority Martin Wheatley has criticised banks for their ‘disappointing' interpretation of new rules for mortgage lenders.