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‘The FCA should focus on reducing consumer paperwork – not broker comparison tool’ – Star Letter 14/09/18
Mortgage Solutions and its sister title Specialist Lending Solutions select the most thoughtful or thought-provoking comment for Star Letter.
This week’s letter comes from Neil Bates, mortgage adviser at Mortgage Hunters, in response to the article: AMI working with FCA on mortgage broker comparison tool.
Bates said there are more important issues the Financial Conduct Authority (FCA) should be addressing in the market than a comparison tool for consumers.
He added: “Do [the FCA] really believe that those wanting mortgages cannot decide how competitive a broker is when deciding who to use?
“With all the disclosure notices, terms of business and KFI’s that get issued, are we really saying the public are unable to understand who is competitive or not?
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“If the public are confused it is really the old FSA and FCA that have created this problem requiring a forest of detailed paperwork to be given out, mistakenly believing that the public understand it and are interested in it.
“The FCA should be spending its time reducing the regulatory paperwork down to the nitty gritty of what the public want to know/need to know, so that they will be interested in having it explained to them and hopefully understand it.”