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TSLE16: FCA blames lenders for ‘fragmented’ approach to product innovation

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  • 27/01/2016
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TSLE16: FCA blames lenders for ‘fragmented’ approach to product innovation
The Financial Conduct Authority’s (FCA) mortgage sector manager Lynda Blackwell has called on lenders to consider customer needs throughout their life span when creating new products.

Speaking at the inaugural Specialist Lending Event hosted by Mortgage Solutions, Blackwell (pictured) said she did not think lenders were putting customers at the forefront of product innovation which was creating ‘a fragmented approach’.

Blackwell said: “It would be really good to see lenders put customers at the heart of product innovation and not just dip in and dip out of particular products for commercial considerations but actually to think about the customer and what their needs are throughout their lives.

I think there’s a very fragmented approach to product innovation and it would be nice to see a lot more of a joined-up, thoughtful approach to it.

Asked if she thought the specialist lending sector was in good shape for 2016, Blackwell replied: “It’s definitely starting to get into better shape.”

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