
Graham Awards


FCA wants much more consumer choice in the mortgage market



However, the FCA says “there is scope for improving consumers’ ability to make better choices about mortgage deals.”


In particular, towards the end of this year the authority will launch what it calls “a targeted market study focused on consumers’ ability to make effective choices, with a view to improving how competition works in consumers’ best interests.”  

This will consider the following questions:




Are there opportunities for better technological solutions?





Is there potential for conflicts of interest or misaligned incentives?


“For millions of consumers a mortgage is one of the biggest financial transactions they will enter into in their lifetime so it’s encouraging to see firms embrace the spirit and the letter of our rules” says Christopher Woolard, director of strategy and competition at the FCA. 

“At the same time, there appears to be more to be done to improve competition in the mortgage sector.  Competition can play a key role in ensuring that the sector works well, delivering lower prices, better products and choice, and more innovation. Based on the evidence we’ve collected so far, we intend to launch a forward-looking market study later on this year, with particular focus on the roles played by intermediaries and panels.”


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