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Lenders suggest FCA may be back-tracking on MMR

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  • 17/05/2018
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Lenders suggest FCA may be back-tracking on MMR
The Financial Conduct Authority’s (FCA) mortgages market study interim report may suggest the regulator is to pull back on certain measures introduced as part of the mortgage market review (MMR) lenders have suggested.

Speaking at today’s Financial Services Expo Manchester, Dave Rogers, intermediary partnership director at Barclays, said that the report “seems to be a bit of back-tracking on the MMR in terms of its view on price”.

Ian Andrews, managing director of intermediary sales at Nationwide, added that it suggested the FCA has “softened” on the MMR idea that everyone needs advice.

However, Andrews admitted he “couldn’t get his head around” the FCA’s proposal for a tool allowing borrowers to compare different intermediaries, describing it as a “Trip Advisor for clients”.

Charles McDowell, commercial director at Aldermore, said that overall the report was a “fairly strong ringing endorsement” for the industry, warning that it “could have been much, much worse”. However he questioned how some of the theoretical measures discussed in the interim report could actually be implemented practically.

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