Gov't Weighs Powers For FCA To Help 'Mortgage Prisoners'

Law360, London (January 29, 2020, 12:42 PM GMT) -- The government minister who oversees Britain's financial services industry has said he is willing to give the markets watchdog more powers to help free so-called mortgage prisoners who are trapped in expensive deals.

Treasury Minister John Glen said Tuesday he would consider extending the Financial Conduct Authority’s “regulatory perimeter” if it would benefit home-owners stuck because their lenders are unregulated or no longer active — although he warned against giving false hope to those affected.

Glen set out his opinion in a letter to Stephen Jones, chief executive of UK Finance, a trade body representing banks and financial services companies....

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