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Lenders urge FCA to honour MMR advice commitments

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  • 11/09/2019
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Lenders urge FCA to honour MMR advice commitments
Lenders have cautioned the Financial Conduct Authority (FCA) against backpedalling on its support for the need for advice.

A panel of lender representatives attending FSE London were asked by Robert Sinclair, chief executive officer of the Association of Mortgage Intermediaries, whether the regulator’s Mortgages Market Study had warranted the outrage it has provoked.

Esther Dijkstra, director of strategic partnerships at Lloyds Banking Group, called on the industry to continue to challenge the FCA’s focus on price being the main determinant of how suitable a mortgage is, arguing that the regulator needs to be convinced that this is not the case.

She also suggested the regulator should instead cast its eye over the “haves and have nots” which holds back some people from accessing advice.

Adrian Moloney, sales director at One Savings Bank, emphasised that with a “minefield” of borrowing options “advice is key”, while Chris Pearson (pictured), head of intermediary mortgages at HSBC, urged the regulator not to “row back from the mortgage market review (MMR)”.

The panellists were also asked for what advice they would give to intermediaries in order to improve their offering. 

Andy Dean, head of intermediary support at Nationwide, urged brokers to look at the opportunities in specialist lending, noting there were “lots of areas showing a high degree or resilience and growth”, while Jeremy Duncombe, director of intermediaries at Accord, suggested brokers should use technology “to do all the hard work”.

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