The Financial Conduct Authority has raised concerns that lenders' growing reliance on technology to improve efficiency post-MMR implementation will put consumers at risk.
Virgin Money has become the latest lender to announce its Mortgage Market Review (MMR) changes including confirmation it will accept execution-only business following the introduction of the new rules.
The Financial Conduct Authority has published a Frequently Asked Questions document in a bid to clear up advice-related confusion ahead of the incoming Mortgage Market Review on 26 April.
Other Execution-only articles
From April next year, new obligations under the Mortgage Market Review (MMR) mean execution only-sales will have to be dealt with far more carefully to remain compliant, said vScreen.
An FCA survey suggests a third of the industry cannot confirm it has a plan in place to prepare for Mortgage Market Review implementation on 26 April next year.
Adviser firms offering non-advised protection sales can't be good for the consumer, according to the majority of advisers, life offices and reinsurers.
Few advisers will drop out of the industry after the Retail Distribution Review (RDR) and most plan to go independent, research from Capital Platform suggests.
Mortgage professionals, High Net Worth (HNW) borrowers and business customers will be able to sidestep the mandatory advice proposals and take out mortgages on an execution-only basis.
The FSA has revealed the final rules of the Mortgage Market Review. Mortgage Solutions offers a handy guide to the key points.
The FSA must give greater clarity over when the MMR will require advice to be given and not trap existing mortgage customers in “over-designed” regulation, Nationwide has said.
The Financial Services Authority (FSA) has proposed changing the trigger points for the pre-application Key Facts Illustration (KFI), after research indicated that most consumers do not use the KFI to compare different products.
In the product intervention feedback statement out this morning, the regulator refused to rule out a ban on non-advised sales.
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