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TMPE15: FCA exploring role of price comparison sites with industry

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  • 11/11/2015
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TMPE15: FCA exploring role of price comparison sites with industry
The Financial Conduct Authority (FCA) is looking at the role that price comparison websites play in the mortgage market, Mortgage Advice Bureau (MAB) national sales director Gareth Herbert says.

Speaking at The Mortgage and Protection Event in Southampton, Herbert said the topic of price comparison sites and league tables had been raised during a recent meeting with the regulator.

In a speech looking at how brokers can engage more with their client base, Herbert discussed feedback collected from a consumer panel with MAB on Tuesday evening. Herbert added that consumers often referred to price comparison sites to gather information on what rates and loan size they could attain.

He said: “A week last Friday I attended a call for input in the mortgage market with our regulator, the FCA. I found it to be really interesting. They want to understand what part price comparison websites and best league tables play in our industry.

“Linking that to the consumers that we met recently, most of them got to the point where they understood how much they wanted to borrow and what the rate was from comparison websites and league tables. They play a part in how the customer interacts with advisers. [However], sometimes the best rate isn’t the best for that particular client.”

Watch Herbert speaking below on the video below at The 2015 Mortgage and Protection Event at St. Mary’s Stadium in Southampton this morning.

Follow all the coverage on Twitter at #TMPE15 and register to join us at one of our three events in Warwick, Cheshire and Newcastle next week.

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