Watchdogs Float New Reporting Rules For Mortgage Lenders
Law360, London (December 13, 2018, 11:01 PM GMT) -- U.K. financial authorities laid out a plan Thursday to require mortgage lenders and administrators to turn over more data about their sales in a bid to protect consumers.
The Prudential Regulation Authority and Financial Conduct Authority opened a public consultation on the proposal, which would yield more data that could help show whether consumers were being subjected to damaging practices by mortgage lenders.
In particular, the agencies said they don't currently receive sales data about internal product transfers and mortgage books sold to unregulated bodies.
"The FCA believes that without these data, our ability to understand possible conduct and competition harms...
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