FCA proposes mortgage broker comparison service

Ryan Bembridge

May 4, 2018

The Financial Conduct Authority is calling for a mortgage broker comparison service.

The regulator made the proposal in an interim report into the mortgage market published yesterday.

The regulator said: “The FCA has identified a range of potential ways to make the market work better for consumers.

“These include… making it easier for consumers to assess the strengths of different mortgage brokers.

“The FCA intends to work with the broker sector to develop metrics to help consumers compare brokers.”

The regulator also called for consumers to be able to identify which mortgage products they qualify for at the outset of looking for a loan.

Meanwhile it proposed helping long-standing borrowers unable to switch by exploring whether new applications could be approved more easily when the loan was taken out before the financial crisis.

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