You are here: Home - News -

FSE Midlands: Mortgages Market Study final report due out Spring 2019

  • 02/11/2018
  • 0
FSE Midlands: Mortgages Market Study final report due out Spring 2019
The regulator’s final report assimilating the ferocious industry-wide disapproval on its Mortgages Market Study interim report, will be out in March 2019 at the earliest.


Association of Mortgage Intermediaries (AMI) chief executive Robert Sinclair (pictured) said he did not expect the final rules until the regulator’s year end, on a mortgage panel at FSE at the Ricoh Arena in Coventry yesterday.

Martin Reynolds, CEO of Simplybiz added: “I think the regulator is still conferring on all the, shall we say, vociferous responses it received in relation to the interim report, so it’s not anticipated until the Spring.”

AMI, the Building Societies Association (BSA) and the Council of Mortgage Lenders (CML) all attacked the regulator’s focus on price and lack of acknowledgement that good advice draws together a range of factors, including potential customer lifestyle changes and attitude to risk, for example.


The industry fightback

AMI went as far as to say the regulator’s proposed remedies were “disproportionate to the harm identified” and suggested that the proposals came from the “need to justify the resources that have been dedicated to the study over the last three years”.

In the study published in May, the FCA also suggested advice might be slowing the mortgage process and AMI fought back saying it was inappropriate to suggest changes to the advice process with ‘little consideration of the reasons behind the measures that were taken following the last financial crisis and the rationale for their implementation.’

The MMS report proposed two data-driven mortgage industry search tools, including an adviser comparison and a consumer eligibility tool.

Sinclair said: “It is a little perverse that the FCA wants to build a new tool for the regulation of firms, and then a form of register to put advisers on,” he said. “Which they’ve paid £200,000 to someone not to do it themselves and they’re also looking to build a separate mortgage adviser tool.”

He added: “The good news for advisers is that all the trade bodies are in the room when this is being discussed because sometimes when regulators get involved in this type of thing, it can turn out to be a crock of s**t.

“And there is no lack of consensus from your representative bodies on these issues. We are all very aligned on what we’re saying to the regulator on this.”

Sinclair was however keen to stress that there could be some major benefits for advisers. He said: “There are opportunities with both of these tools, in terms of how advisers engage with lenders, and how consumers find the right advisers with the right skills and the right services.”


There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @robjupp: Great day yesterday for donations to @MortSleepOut. With Gift Aid, we are now close to £17,000. It would be great to get to £2…

Read previous post:
Hinckley and Rugby BS drops maximum age limits

Hinckley and Rugby Building Society has removed the maximum age limit for the term end of its entire range of...