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CML responds to FCA review of mortgage advice and distribution PDF Print E-mail
Thursday, 09 July 2015

The Council of Mortgage Lenders (CML) welcomes the conclusion by the Financial Conduct Authority (FCA) in its thematic review of mortgage advice and distribution, published today, that it “did not identify systemic consumer detriment.” 

The FCA found that in a majority of cases (59%) where advice was provided customers were given a suitable mortgage recommendation. In only a very small number of instances (3%) was a recommendation judged to be unsuitable.
Lenders will welcome the FCA’s feedback, and, in particular, its commitment to work with the CML and with individual firms “to help them take the next step towards consistently delivering suitable recommendations.”  Firms will reflect carefully on the review’s findings, as they refine their methods following implementation of the comprehensive rule changes in April last year as a result of mortgage market review.
Commenting on publication of today’s thematic review, CML director general Paul Smee said:
“Along with firms, we will study these findings carefully. In particular, we welcome the FCA’s conclusion that there is no evidence of systemic consumer detriment or of significant numbers of customers getting an unsuitable outcome.

“Lenders have had a huge workload in implementing the new rules and, in many ways, the report’s conclusions chime with what firms are telling us about the challenges they face. This work is evolving, as some lenders seek to fine-tune their processes. Like us, individual firms will welcome the opportunity to work with the FCA towards consistently delivering good outcomes for consumers.”

(Source - CML Press Release)

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