FSE Manchester: Lenders ponder whether FCA is backtracking on MMR

Ryan Bembridge

May 16, 2018

Lenders speculated whether the Financial Conduct Authority is softening up on measures introduced in the Mortgage Market Review today.

They were responding to the FCA’s Mortgage Market Study Interim Report – published earlier this month – at the Financial Services Expo Manchester event.

Dave Rogers, intermediary partnership director at Barclays, said: “In terms of the overall report, I don’t think there’s anything for the industry to worry about.

“But it seems to be a bit of back-tracking on the Mortgage Market Review in terms of its view on price.”

Ian Andrews, managing director, intermediary sales at the Nationwide, seemed to agree.

He asked: “Has the FCA softened on the MMR idea that everyone needs advice?”

Earlier the FCA was grilled by delegates on whether the potential cost-savings for borrowers not on the ‘cheapest rate’ is a valid approach.

Richard Tugwell, group intermediary relationship director at Together, said the “cheapest [mortgage] isn’t always the best” and “price isn’t necessarily the only driver”, citing the personal circumstances of clients as other factors.

Andrews added that he “couldn’t get his head around” the potential “Trip Advisor for clients” idea the FCA is positing which would allow individuals to compare different intermediaries.

The regulator earlier said that it would like to work with the industry to establish what type of metrics it could use in a broker-comparison tool

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