FCA’s Mortgages Market Study report due in Spring

FCA’s Mortgages Market Study report due in Spring

Mortgage experts anticipate the Financial Conduct Authority’s Mortgages Market Study Final Report to arrive by Spring 2019 at the earliest.

Robert Sinclair, chief executive of the Association of Mortgage Intermediaries, who sits on two working groups related to the regulator’s study, said it will likely be published before the “regulator’s year end” at the end of March 2019.

Martin Reynolds, chief executive of SimplyBiz Mortgages, said: “I think the regulator is still conferring on all the, shall we say, vociferous responses it received in relation to the interim report, so it’s not anticipated until the Spring.”

They were speaking at the Ricoh Arena in Coventry for FSE Midlands.

Sinclair also gave an update on a potential ‘adviser comparison’ and ‘consumer eligibility’ tool – both of which were measures announced in the interim report.

He added: “It is a little perverse that the FCA wants to build a new tool for the regulation of firms, and then a form of register to put advisers on.

“Which they’ve paid £200,000 to someone not to do it themselves and they’re also looking to build a separate mortgage adviser tool.

“The good news for advisers is that all the trade bodies are in the room when this is being discussed because sometimes when regulators get involved in this type of thing, it can turn out to be a crock of shit.

“And there is no lack of consensus from your representative bodies on these issues. We are all very aligned on what we’re saying to the regulator on this.”

Sinclair was however keen to stress that there could be some major benefits for advisers.

He said: “There are opportunities with both of these tools, in terms of how advisers engage with lenders, and how consumers find the right advisers with the right skills and the right services.”