Selling the Standards
B
ack in 2018 the Financial Conduct Authority (FCA) launched their Mortgage Market Study (MMS) to evaluate the effectiveness of the measures implemented as a result of the Mortgage Market Review (MMR; 2014) and to identify any potential consumer harm that resulted from the measures taken.
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The Study was designed to check that MMR hadn’t created a barrier for firms wishing to create tools to help customers choose a mortgage, thereby potentially stifling innovation in the market. The FCA wanted to ensure customers who were in a position to execute their own mortgage didn’t find it difficult to do so. They also wanted to check that for those having to seek advice could it be that it may have led to poor outcomes in terms of price and costs.
A Forward Thinking Network.
Following a lengthy consultation with trade and industry bodies, mortgage firms and lenders on proposals, the Final Rules have now been published and came into effect from the end of January. As was feared towards the latter stages of the consultation period, the FCA brought into effect significant changes in line with the manner in which it conducted the study; that is to repeal some of the provisions of the MMR in terms of ensuring advice was at the forefront of the way
