23 May

Lenders praised for MMR application

Lenders praised for MMR application

Lenders have been praised for their application of the recent Mortgage Market Review (MMR) introduced in 2014.

The Financial Conduct Authority (FCA)’s Responsible Lending Review believes the new rules introduced in April 2014 have been adopted well by the industry.

However, the FCA report did highlight that some lenders need to improve their approach in ensuring existing customers are accommodated within the responsible lending requirements, as well as ensuring more is being done to encourage greater competition within the industry as a whole.

“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,’ said 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,’ he explained.

The FCA now plans to launch a new study before the end of 2016 that will look at the roles played by intermediaries and panels in the mortgage lending sector.ADNFCR-1222-ID-801818862-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.