FCA has responded to the Treasury Committee’s enquiries on what analysis it had done on on whether banks were making disproportionate profit by increasing mortgage rates more quickly than savings rates. FCA’s letter says that the Consumer Duty will require a cultural change in firms that should address these concerns, and said it had challenged some firms in the past. FCA also noted that there has been an increase in the number of consumers who are remortgaging to get a better deal.
