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FCA delays changes to mortgage advice rules

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  • 19/11/2019
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FCA delays changes to mortgage advice rules
The Financial Conduct Authority (FCA) has delayed publishing changes to mortgage advice and selling standards until “early in 2020”.

 

The regulator was originally planning to publish the changes in a policy statement by the end of this year, however this has now been shelved.

The changes follow on from the FCA’s Mortgages Market Study which was published earlier this year and encouraged execution-only completions, a decision that has been heavily criticised by many within the industry.

The FCA also came under fire, in the study, for its willingness to allow dual pricing by lenders on different channels and was viewed as unpicking its earlier body of regulation, the Mortgage Market Review (MMR).

In a statement released today, the FCA said: “We consulted earlier this year on changes to our mortgage advice and selling standards.

“Our website previously stated that we would publish our rules in a Policy Statement late in 2019. We’ve now updated that to say “early in 2020”.

It is also delaying the publication of its evaluation of the Retail Distribution Review (RDR) and Financial Advice Market Review (FAMR), again until “early 2020”.

The FCA said the delay reflected its more limited approach to publication during the purdah period in the lead up to the general election.

 

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