FCA Outlines Plans For Mortgage Advice Rules Shake-Up
Law360, London (May 7, 2019, 2:00 PM BST) -- Mortgage advisers could be forced to explain why they have recommended certain deals to consumers under new proposals put forward by the Financial Conduct Authority on Tuesday, amid concerns that customers are needlessly paying for expensive services.
The City watchdog is planning changes to its requirements for mortgage sales after it found in a review in March that consumers could be overpaying for their mortgages. Receiving advice sometimes made no difference to whether buyers got the best-value loan, the FCA said.
The regulator plans to shake up the market by making advisers explain why — and keep a record — if they do...
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