The FCA has published the following:
- Thematic Review 16/4: Embedding the Mortgage Market Review: Responsible Lending Review (TR16/4). In TR16/4 the FCA summarises the key findings of its market-wide thematic review of how firms are applying the responsible lending rules introduced in April 2014 following the Mortgage Market Review. The review found that overall, firms have implemented responsible lending rules in line with the FCA’s expectations. However, some firms need to make process improvements to help them consistently asses and record their lending decisions. Also, some firms could be more proactive and consistent in making use of flexibilities and exceptions to the responsible lending requirements for existing customers; and
- Feedback Statement 16/3: Call for inputs: competition in the mortgage sector (FS16/3). In FS 16/3 the FCA reports on the themes arising from the responses to its earlier call for inputs on competition in the mortgage sector and sets out planned work. The FCA has decided to undertake a targeted market study focused on consumers’ ability to make effective choices, with a view to improving how competition works in consumers’ best interests. Alongside the market study, the FCA will be conducting three smaller pieces of follow up work: (i) contributing to the next phase of the Council of Mortgage Lenders and work on the transparency of mortgage fees and charges; (ii) acting on specific aspects of the FCA’s current regulatory regime where there is a case for change to improve competition; and (iii) working with industry to increase competition law awareness in the sector.