You are here: Home - News -

FCA eyes product transfer and closed book lender data collection

by:
  • 14/05/2018
  • 0
FCA eyes product transfer and closed book lender data collection
The Financial Conduct Authority (FCA) is exploring the possibility of collecting more data on product transfers having identified it as a key area of the market they would like to know more about.

 

The regulator highlighted that this would give it more insight into conduct and competition in the market.

It also flagged that more information about the performance of closed book lenders would enable it to understand any potential areas of consumer detriment.

The regulator noted in its Mortgages Market Study interim report that it gathered data and intelligence from the market but there was potential value of information about these two segments that it does not routinely collect at present.

On sales data regarding internal product switches, the FCA said: “This is a significant part of the market. Information firms hold on internal switches is of interest to us from both conduct and competition perspectives.”

 

Closed book lenders

The FCA admitted that collecting performance data about mortgage books that have been sold to unregulated entities might be trickier given regulatory rules.

“The absence of data here limits our understanding of potential consumer detriment,” it said.

“As the purchasing firms are unregulated, we would only be able to place a reporting obligation on the regulated administrator.”

It noted that amending its handbook to collect this information on a regular basis would be subject to consultation, adding: “We will be considering this over the coming months.”

In February, Mortgage Solutions revealed that trade body UK Finance was set to publish product transfer data for the first time later this year. However, UK Finance does not include all lenders operating in the market.

 

There are 0 Comment(s)

You may also be interested in

  • RT @specialistsols: Do you want to attend a high quality specialist lending event with great speakers, content & exhibitors? Don't just tak…
  • RT @specialistsols: Voting opens next week for #BSLA2019 - get in touch with lorraine.francisco@ae3media.co.uk if you want us to create som…
  • RT @VickyHartleyMS: Help to Buy is ‘another time bomb waiting to go off’ – Star Letter 30/11/2018 - Mortgage Solutions https://t.co/YDaTNeI…

Read previous post:
Equity Release Council adds board appointments and creates standards advisory panel

The Equity Release Council (ERC) has established an advisory practitioner panel and confirmed several appointments from the senior industry ranks...

Close