Emma RadmoreThe Court of Appeal has published its judgment in a case involving bankruptcy order following a loan entered into under coercion. Mr H was a longstanding friend and business associate of Ms M’s then partner (Mr C)...
Category - Regulated Mortgages
Laura WilesFCA consults on further changes to mortgage rules
The FCA is consulting on further changes to mortgage lending rules, this time with the aim of helping greater numbers of creditworthy consumers access suitable mortgages. The regulator wants to increase the scope for...
PRA and FCA consult on LTI lending
The PRA and FCA are consulting on amending the implementation of the Loan to Income flow limit to allow individual lenders to increase their share of high LTI lending but with the aim that the aggregate flow remains at...
Lenders reaffirm Mortgage Charter commitment amid global uncertainty
The Chancellor and Economic Secretary have assembled the six largest banks and building societies, as well as UK Finance, to discuss the impact of the Iran conflict on households and small businesses, and to reaffirm...
FCA launches market study on later life mortgages
The FCA has launched a market study into later life mortgages. The study seeks to examine whether changes are needed to enable the lifetime and retirement interest only mortgage sector to meet consumers’ needs, as...
FCA publishes Mortgages Regulatory Priorities report
The FCA has published its Regulatory Priorities report for mortgages. Its key priorities will be: to improve consumer outcomes under the Mortgage Rule Review by simplifying its rules, so as to enable firms to innovate...
FCA critical of second charge mortgage practices
The FCA has carried out a review of the second charge mortgage market and, although it found examples of good practice from lenders and intermediaries, it also found several weaknesses that it says may put borrowers at...
FCA updates mortgage lending statistics
The Q4 2025 mortgage lending statistics show a slight fall in the outstanding value of all residential mortgage loans, but the value is still significantly higher than in the corresponding period last year. Similarly...
Court gives guidance on CCA unfair relationships and mortgages
The High Court has provided useful guidance on the boundary between mortgage and consumer credit regulation, confirming that regulated mortgage contracts fall under the MCOB regime and are excluded from the unfair...
90% of mortgage lending now covered by UK Finance Financial Abuse Code
UK Finance has confirmed that 90% of mortgage lending is now covered by its Financial Abuse Code. The development comes after several institutions – including Coventry Building Society and Monzo – have...
FCA sets out roadmap for mortgage rule reforms
The FCA has published a roadmap on modernising mortgage rules. The FCA launched a discussion paper in June 2025 on areas in which changes could be made to the current mortgages framework. It now publishes its feedback...
FCA speaks on future of mortgage market
Nikhil Rathi, FCA chief executive, has delivered a speech on the future of the mortgage market at the L&G Mortgage Club’s 30th Anniversary Conference. The speech highlighted that while the market is currently...
FCA publishes mortgage lending statistics for Q2 2025
The FCA has published mortgage lending statistics for Q2 2025. The data comes from firms carrying out mortgage lending and mortgage administration, who are required to submit the Mortgage Lending and Administration...
PRA calls for views on making residential mortgage market competitive
The PRA has published a discussion paper on a range of potential policy changes to the treatment of residential mortgage exposures under the internal ratings based (IRB) approach to credit risk. The paper arises from...
FCA finalises ban following Court of Appeal support
The FCA has finalised its decision to ban Markos Markou from financial services and fine him �10,000, following the Court of Appeal supporting the FCA’s position in December 2024, and the Supreme Court rejecting his application for permission to appeal further. The Upper Tribunal had asked the FCA to reconsider the ban and said it should not impose a fine, but the FCA believed that decision to be “incorrect and irrational” and referred it to the Court of Appeal which, while not wholly reversing the Tribunal’s findings, found the ban was the correct decision, but considered the appropriate amount of fine to be �10,000 rather than the �25,000 proposed by the FCA.
FCA makes first set of mortgage reform rules
Following its short consultation, the FCA has finalised the package of measures that will achieve the first stage of the planned mortgage reforms. The changes address primarily remortgaging and will make it easier for...
PRA to review LTI limit rule and offers interim modification by consent
Following recommendations by the FPC, the PRA is reviewing the loan to income (LTI) ratio requirements, and offering a modification by consent in the meantime for firms to disapply the relevant rule. The current...
Regulators increase mortgage lending threshold
The PRA has amended its Rulebook and the FCA has amended its Guidance on the de minimis threshold for the Loan to Income flow limit in mortgage lending. The Financial Policy Committee had recommended increasing the...
Court looks at “business test” when loans are refinanced
In a repossession case brought by an unregulated lender, Principal Bridging Limited (PBL), the County Court found that where a loan is used to refinance previous borrowing, it is the purpose for which the original loan is taken out which determines whether it is “wholly or predominantly for the purposes of a business” for the purposes of Articles 60C and 60O of the Financial Services and Markets Act 2000 (Regulated Activities Order) 2001 (the RAO).
In this case, the borrower, Mr Lewis took out a bridging loan with PBL (secured as a second charge loan against his primary residence) which was used to refinance an earlier loan (with a different lender) which in turn had been use to refinance an original loan (from a third lender). It was taken as a matter of fact that Mr Lewis had used a maximum of 50% of the original for business purposes and, therefore, it had not been used “wholly or predominantly for the purposes of a business” carried on by him (and, therefore, was as a matter of fact a regulated mortgage contract as the exemption under Article 61A(1)(c) of the RAO. However, the Court found that PBL had no way of knowing this and that Mr Lewis had made repeated representations that he would use the loan PBL made for business purposes and, therefore, the loan was unregulated and not a regulated mortgage contract.
In the alternative, the Court also found that if the PBL loan�was a regulated mortgage contract, it would still have been just and equitable for PBL to enforce the loan due to the repeated representations made by Mr Lewis.
Following on from these findings, and taking into account Mr Lewis history of defaulting on previous lending the interest rate charged by PBL was not an unenforceable penalty.
Lastly, it followed that the relationship between PBL and Mr Lewis could not be said to be unfair for the purposes of Sections 140A-C of the Consumer Credit Act 1974.
Stephen WilsonFCA seeks views on future of the mortgage market
The FCA is continuing its mortgage rule review with a discussion paper on the future of the mortgage market, following a call for evidence on the interest rate ‘stress test’ rule and consultation on...
Consumer Panel responds on FCA mortgage rule plans
The Financial Services Consumer Panel has some concerns about the FCA’s proposals to simplify mortgage regulation and make it more flexible. It reminds the FCA that the 2007/8 housing market collapse was in part...
Court rules on lenders on inquiry in joint borrower situations
The Supreme Court has allowed an appeal on whether a lender should have been on inquiry in a case of secured lending to joint borrowers.
In the case of Waller-Edwards v One Savings Bank Plc,� Ms Waller-Edwards was persuaded by her partner, Mr Bishop, to exchange her home and savings for a property he was building. At the time, the appellant was emotionally vulnerable but financially independent, as her home was free of mortgage and she had significant savings. Mr Bishop’s property was already subject to a charge. He then remortgaged 2 years later with the respondent bank, which believed the funds would buy another property that the couple would use as a buy-to-let and would pay off an existing mortgage debt.� It also required Mr Bishop to use the loan to pay off other existing debts, which included nearly �40,000 to pay off a car loan and a credit card. Mr Bishop actually used it to make a divorce payment and pay off the first charge on the property. The bank did not know this.
The relationship ended, and eventually the payments on the heavily mortgaged house in which Ms Waller-Edwards was then living fell behind and the bank started possession proceedings.
The appellant said that since she was a surety for part of the loan that would be used to pay off Mr Bishop’s debts, the bank should have been on inquiry that she may have been under undue influence to agree to the transaction, and it did not take steps to make sure she was aware of the liability she would be taking on. She said the remortgage transaction should be set aside as between her and the bank.
The County Court judge had agreed the appellant had entered into the transaction under undue influence but it, the High Court and the Court of Appeal all said the bank was not on inquiry because she was not a surety but instead a joint borrower. The Supreme Court disagreed. It said that where in any non-commercial hybrid transaction there is on the face of it more than a trivial element of borrowing that will discharge the debts of one borrower and therefore might not be to the other’s advantage a bank should view it as a “surety” transaction and therefore put on inquiry of the possibility of undue influence.� It said the Court of Appeal’s focus on a “fact and degree” test to establish whether the transaction was a surety transaction or a joint borrowing was wrong, as was it wrong to focus on the purpose for which the loan was used. The relevant question was whether one borrower takes on a legal liability for which they are not responsible for no personal gain. In this case, the appellant did take on such a liability.� So that meant the bank should have followed the “Etridge protocol” that required it to ensure Ms Waller-Edwards knew of the risks she was taking on.
FCA speaks on mortgage reform
Emad Aladhal, FCA director of retail banking, spoke of the challenges people face in getting onto the mortgage ladder. He discussed the FCA’s priority of making the mortgage market more accessible while keeping it safe and resilient.
He discussed the importance of being able to get a mortgage – especially because average mortgage payments are currently 20% lower than rental costs, and renting in retirement could cost �400,000 more than owning a home.
He also said the markets and regulation need to support existing borrowers, especially as lending into later life is becoming the norm.
Speaking to the Building Societies Association, he said the reforms the FCA is looking to deliver will take a collective effort between lenders, regulators, Government, developers and others.
FCA consults on making mortgage changes easier
The FCA has published the first of its promised consultation paper on mortgage regulation reform. The paper focuses on: enabling consumers more easily to discuss options with a firm; reducing mortgage terms; and...
BoE publishes Q1 2025 credit conditions survey
The BoE has published its credit conditions survey for Q1 2025. The quarterly survey covers secured and unsecured lending to households, and lending to non-financial corporations, non-bank financial firms and small...
Court refuses judicial review application on time barred complaint
The High Court has refused an application for a judicial review of a FOS decision that it had no jurisdiction to address a complaint because the complaint was made out of time. The claimants had complained to their...
FCA publishes work programme 2025-6
The FCA has published its work programme for 2025-26, which builds on the 4 priority areas in its 5 year plan. Specific initiatives additional to those set out in the 5 year plan (which we summarised in this article)...
Regulators consult on mortgage lending threshold raise
The PRA and the FCA are consulting on amendments to the PRA Rulebook and the FCA Guidance on the de minimis threshold for the Loan to Income flow limit in mortgage lending.
The Financial Policy Committee has recommended increasing the volume of mortgages that a lender needs to make to trigger the LTI flow limit, from �100m to �150m per 4 rolling quarters. The PRA Rules and FCA guidance need to be updated to reflect this. The change would address inadvertent regulatory tightening that would bring more lenders within the rules if the thresholds stayed unchanged.
Consultation closes on 8 May – the consultation period is short because of the narrow scope of the change.
FCA calls for evidence on MCOB interest rate stress test rule
The FCA has published an online call for evidence on the impact of the MCOB rule on the mortgage interest stress test. The call for evidence looks particularly at MCOB 11.6.18R and is part of the FCA’s review of...
Chancellor unveils more red tape cutting
The Chancellor has unveiled more detail of the plans to cut the administrative cost of regulation on business, at a meeting attended by, among others, the PRA, FCA and ICO. The plans are wide ranging across all areas of...
Mortgage stats show rises all round
The latest statistics on mortgage lending for Q4 2024 from the MLAR submitted to the FCA show: the highest stock of outstanding mortgage loans since reporting began in 2007 (£1,678.2 bn); a 4.9% increase in the value of...
Supreme Court permission to appeal application lodged in Markou case
A permission to appeal application has been lodged at the Supreme Court in the Markou case. The application follows the Court of Appeal granting the FCA’s appeal in December 2024 against an Upper Tribunal decision which...
Treasury acts to encourage more mortgages
The Treasury has committed to a new mortgage guarantee scheme and urged the FCA to carry out an “ambitious and rapid” review of its mortgage rules – both with the aim of allowing more people to take...
FCA researches potential mortgage pricing differences by demographic characteristics
As part of its AI research series, the FCA has published a report on the potential for pricing differences by demographic characteristics in the mortgages market. The FCA compared mortgage features like interest rates...
UK Finance sets out principles governing customer vulnerability disclosures in mortgage sector
UK Finance has published a set of principles for information sharing between mortgage intermediary firms and lenders. The FCA has advised that it continues to see vulnerable consumers face challenges when disclosing...
FCA sets out supervision priorities for mortgage intermediaries
The FCA has written to mortgage intermediaries outlining its supervision priorities for the next 2 years. Its key focus will be on embedding the Consumer Duty. Other priorities include: Quality of advice and unsuitable...
FOS anticipates 37,000 fraud and scams complaints next financial year
The FOS expects fraud and scams to account for 35% – or 37,000 – of incoming banking and loan complaints in the coming financial year. This is an increase on the 33,000 fraud and scams cases it forecast to...
FCA successfully appeals Upper Tribunal decision
The Court of Appeal has allowed the FCA’s appeal against an Upper Tribunal decision which asked the regulator to reconsider a proposed ban against an individual and directed that a fine should not be imposed. In...
FCA publishes mortgage lending statistics for Q3 2024
The FCA has published mortgage lending statistics for Q3 2024. The data comes from firms carrying out mortgage lending and mortgage administration, who are required to submit the Mortgage Lending and Administration...
FCA publishes mortgage portfolio supervision letters
The FCA has published Dear CEO letters to lifetime mortgage providers and non-bank mortgage lenders and third party mortgage administration firms. The key themes are: how changes in the market are driving many...
FCA publishes Q2 fin proms data
The FCA has published its financial promotions data for Q2 2024 on its actions against firms breaching financial promotion rules, and referrals and investigations into unregulated activity. During the period: 3,273...
Harry WellsBoE publishes Q2 Credit Conditions and Bank Liabilities Surveys
The BoE has published the results from its quarterly survey of banks and building societies looking at credit conditions in the quarter to the end of May 2024. As usual, the survey covers: secured and unsecured lending...
FCA shares latest Mortgage Charter uptake data
The FCA has reported that there are now 49 signatories to the Mortgage Charter, and that the signatories represent about 90% of the mortgage market. The latest data suggests that well over 1m mortgages benefited from...
Tenet firms enter administration
The Tenet Group Limited is winding down its operations, which has now resulted in two of its hosting firms entering administration. The firms closed to new business at the end of March, and most of their advisers either...
FCA updates complaints data
The FCA has published updated complaints data based on returns from then nearly 300 firms reporting at least 500 complaints within 6 months or 1000 within a year. Key findings from the 2023 H2 data include: Complaints...
FCA finalises guidance for borrowers in financial difficulty
The FCA has finalised its rules and guidance to strengthen protection for consumer credit and mortgage borrowers in financial difficulty. It has decided to bring parts of its current guidance in FG23/2 for mortgage...
FCA publishes Mortgage Charter uptake data
In June 2023, the FCA introduced new rules to support the Government’s Mortgage Charter’s commitments, including providing for firms to allow customers to make reduced capital payments for up to 6 months, or...
Court decides on investment property loans
The Court of Appeal has found in favour of an unregulated lender, confirming that agreements it entered into with individuals were investment property loans which were exempt from the RAO definition of “regulated...
FCA publishes mortgage lending statistics for Q4 2023
The FCA has published mortgage lending statistics for Q4 2023. The data comes from the 340 regulated mortgage lenders and administrators who are required to submit the Mortgage Lending and Administration Return each...
FCA commits to personal guarantee investigation
FCA has committed to conducting an investigation into the use of personal guarantees by lenders as security for loans made to small business customers. FCA is acting in response to a super complaint brought by the...
CMA launches Home Credit Market Order review
CMA has formally launched a consultation on part of the Home Credit Market Investigation Order 2007. The review relates to the operation, information and management of a cash loan price comparison website. The website...
FCA updates on interest-only mortgage work
FCA is working with an Industry Working Group of 12 mortgage lenders and administrators on a review of FCA’s current guidance on interest-only mortgages. There were under 1 million interest-only and part-and-part...
FCA confirms rule updates
FCA’s latest Handbook Notice confirms rule changes its Board agreed in December, and the new motor finance complaints rules, as well as two changes agreed on 25 January. The two latest changes: update SUP 12.4...
BSA hopeful of update to 1986 Act
The Building Societies Association welcomed the upcoming 2nd reading of the Building Societies Act 1986 (Amendment) Bill which will take place on 19 January. The Bill aims to put building societies on a level playing...
Court says s138D FSMA claims outside s14A Limitation Act
The High Court has held that a claim for breach of statutory duty under s138D FSMA does not fall within the provisions of s14A Limitation Act, which would allow the limitation period to be extended in certain...
FCA publishes mortgage lending statistics for Q3 2023
FCA has published a webpage on mortgage lending statistics for Q3 2023. The data was collected by FCA from around 340 regulated mortgage lenders and administrators who are required to submit the Mortgage Lending and...
FIN. TeamFCA updates complaints data
FCA has published updated complaints data based on returns from firms. Snapshots from the 2023 H1 data include: a slight increase in complaints from the previous 6 months (5%); most significant increases in the...
ASA rules equity release ad “irresponsible and misleading”
ASA has published its ruling on an ad by Key Retirement Solutions Ltd, which promoted its equity release mortgage product off the back of a cartoon sketch of a couple taking financial advice, with a voiceover suggesting...
FCA finds issues in later-life mortgage business
FCA has reviewed the promotion and advice process of firms in the later-life mortgage sector and has found a number of problems. The nature of the product means they are often sold to customers at higher risk of being...
FCA publishes interest-only mortgage research
FCA has published a research note analysing its data on the population of regulated interest-only mortgages that existed as at 31 December 2022. The analysis found that: Interest-only mortgages currently make up 9% of...
FCA implements Mortgage Charter rules
FCA has published a policy statement setting out changes to the MCOB sourcebook to support the implementation of the Government’s Mortgage Charter. The rule changes take effect immediately from 30 June, and enable...
Treasury publishes mortgage charter
Treasury has published a policy paper on the Mortgage Charter, which sets out commitments from the principal UK mortgage lenders to their residential mortgage borrowers. The new commitments are designed to help...
Court considers meaning of “investment property loan”
A court has considered whether a series of loans constituted “investment property loans” under Article 61A(6) RAO, which would exempt them from being regulated mortgage contracts. To be an investment...
Government agrees support measures for mortgage holders
The Government has met with the UK’s principal mortgage lenders and FCA to agree a new mortgage charter providing support for residential mortgage holders. Recent market indicators show that mortgage arrears and...
FCA publishes information on APRC calculations
FCA has published information on its website relating to the calculation of the Annual Percentage Rate of Charge (APRC) which lenders use for disclosing associated costs of a mortgage contract to borrowers. The figure...
Treasury Committee publishes exchange of letters with FCA
The Treasury Committee has published its request to FCA to provide it with information on key elements of its regulation following Nikhil Rathi’s appearance before it in early March, and FCA’s response. The...
FCA speaks on green mortgages
David Geale has spoken on FCA’s view of green mortgages. He said that every part of the housing chain has a role to play, and that lenders are risking missing their decarbonisation targets if they do not evolve...
FCA updates application pages for mortgage intermediaries
FCA has updated its information pages and application forms for mortgage intermediaries.
Treasury Committee publishes FCA information request
The Treasury Committee has published a letter sent to Nikhil Rathi on 1 December, asking for details on: total vacancies FCA has in specific areas, by grade, job and which ones require data or technology skills; how FCA...
FSMB: Further Lords amends for debate
Further amendments to the FSM Bill have been published for debate in the Lords Committee. They relate mainly to: FCA powers beyond designated activities, aimed at giving it appropriate powers to take action against...
Ombudsman News looks at financial difficulties relating to mortgage debt
The latest edition of Ombudsman News highlights new guidance published by the FOS which explains its approach to complaints about financial difficulties in relation to mortgage debt. The guidance is outlined in two new...
Consumer Duty events
The FCA has announced it will be hosting a series of live and local events on the Consumer Duty across the UK between February and June 2023. The paid for events are aimed at retail investment and mortgage firms, and...
FCA consults on mortgage support guidance
The FCA is consulting on draft guidance explaining how firms can support their mortgage customers impacted by the cost-of-living crisis, including varying a contract for forbearance purposes. The draft guidance will...
FCA gets judgment against unauthorised mortgage broker
FCA has obtained a judgment against a company, its parent, their director and his father. It found they arranged high-interest, unaffordable bridging loans for vulnerable consumers who were about to be evicted from...
FCA updates on mortgage switching
Following its update earlier this year, the FCA has published a technical note on switching in the mortgage market which includes more in-depth analysis. Key findings include: since the mortgage market study (MMS) (H2...
Court finds mortgage adviser had no duty to investigate underlying investment
The High Court has ruled on a case brought by investment fraud victims in a clarification of mortgage advisers’ duties. The judgment in Taylor & Anor v Legal and General Partnership Services Ltd [2022] EWHC...
FCA publishes quarterly consultation
FCA has published its regular quarterly consultation. It proposes changes to: the schemes regime under s272, and consequential changes to COLL, the Glossary, DEPP and EG. The changes specifically relate to what FCA...
Emma RadmoreFCA updates on mortgage switching
FCA is pleased that the number of borrowers who could save money by switching mortgages is now around 370,000, down from 800,000 in 2016. However, it urges borrowers to consider their mortgages, given the rising costs...
Court refuses judicial review on FOS mortgage rate decision
The High Court has found in favour of FOS in an application by a mortgage lender for judicial review of FOS’ decision on a complaint about mortgage interest rates. Mrs D had taken out a 10 year interest only...
FCA Portfolio Strategy letter for lifetime mortgage providers
FCA has published its Dear CEO letter for the lifetime mortgage provider sector. Its last letter was in October 2020. The latest letter: highlights (as other sectoral letters have done) the impact on vulnerable...
FPC withdraws mortgage affordability test
FPC has confirmed that it will withdraw its Recommendation on mortgage affordability with effect from 1 August. The current test specifies a stress interest rate for lenders when assessing borrowers’ ability to...
Court finds mortgage loan not “by way of business”
The High Court has handed down its judgment in the case of Arthistory Ltd and Mr and Mrs Campbell. The Campbells own a property and had granted an option to Arthistory (the Claimant) to acquire it. The Claimant sought...
FCA publishes lender portfolio letters
FCA has published its most recent porfolio strategy letters for: retail mortgage lenders; non-bank lenders; and building societies. Common themes in the letters are: that the response to the pandemic has shown FCA and...
FPC publishes consultation to withdraw affordability test
On 28 February 2022, the Financial Policy Committee (FPC) published a consultation to seek the views of interested parties on the proposal to withdraw the affordability test. The consultation, in particular, asks the...
FCA updates on borrowers in financial difficulty
The FCA launched the borrowers in financial difficulty (BiFD) project in March 2021, with the aim of ensuring firms continue to support borrowers facing financial difficulties. The project covers a range of retail...
FCA publishes mortgage prisoner review
FCA has laid its mortgage prisoner review before Parliament. The review sets out data that will help the Government consider whether any practical and proportionate solutions could help these borrowers. FCA’s data...
EU consults on Mortgage Credit Directive review
The European Commission is seeking views on whether the Mortgage Credit Directive remains fit for purpose. The review will assess whether the existing framework can adequately deal with new challenges such as...
FCA mortgage guidance to expire in October
In October 2020, the FCA introduced temporary guidance on maturing interest-only and part-and-part mortgages. The guidance allowed borrowers with certain mortgages due to mature between 20 March 2020 and 31 October 2021...
FCA writes to mortgage third party administrators
The FCA has written to mortgage third party administrators (TPAs) to set out its view of the key risks TPAs pose to their customers or the markets in which they operate and to outline its expectations of TPAs, including...
FCA publishes individual ban notice
FCA has published a decision notice noting its decision to ban Markos Markou, director and CEO of a mortgage broker, and to fine him £25,000. FCA considers Mr Markou not fit and proper to perform his senior management...
FCA outlines mortgage prisoners review
The FCA has published the terms of reference setting out the steps it will take in its mortgage prisoners review. Data review: the FCA will review and update its data to consider the demographic and loan characteristics...
PRA policy statement on IRB approach to UK mortgage risk weights
Following its consultation in October last year, the PRA has published a policy statement on its proposed rules changes to address the prudential risks that stem from inappropriately low IRB mortgage risk weights. The...
Court considers “by way of business” test
The High Court has considered the scope of the “by way of business” test for the purposes of FSMA. Mr and Mrs A were involved in property development. They took a loan from a Mr P when they were unable to...
PRA issues Mortgage Guarantee Scheme statement
PRA has issued a statement on the prudential treatment of residential mortgage loans made under the government’s new Mortgage Guarantee Scheme (MGS). Under the MGS the government guarantees a portion of the first...
Lender’s duties limited in asset disposal
In a helpful decision for Banks and lenders, the Court of Appeal decision in Morley (trading as Morley Estates) v Royal Bank of Scotland plc [2021] EWCA Civ 338 confirmed the limited extent of the duties a lender owes...
FCA publish latest coronavirus updates
The FCA has today published an update on mortgages, consumer credit, banking and payments during coronavirus. The main points can be summarised as follows: repossessions under mortgages cannot be undertaken without...
Covid-19 support update: mortgages
The FCA yesterday announced updated guidance for mortgage customer facing financial difficulties as a result of Covid-19. Under the extension, eligible customers will have until 31 March 2021 to apply for an initial...
Enhanced Covid support for mortgage customers published
Today, the FCA published draft guidance extending the payment deferral support for mortgage customers up to 31 January 2021. The FCA are expecting comments from stakeholders by 5 November 2020 by emailing...
FCA to propose mortgage and consumer credit support update
FCA reacted to the announcement of the further measures to contain Covid-19 by saying it will review its measures to support mortgage borrowers impacted by the pandemic. Although FCA stresses borrowers should always try...
FCA writes portfolio letter to mortgage intermediaries
FCA has published its portfolio supervision letter to mortgage intermediaries. It notes that mortgage intermediaries range from sole advisers to large networks, and that most focus on mainstream mortgages but some...
FCA confirms new rules
FCA has issued a Handbook Notice summarising rule changes finalised over recent months. Key among them are: the new section on COBS (22.6) to ban derivatives and ETNs that reference certain cryptoassets to be marketed...
Mortgage Market Disruptions
The FCA today published Occasional Paper No. 57 on mortgage market disruptions. The paper uses data to document the trends associated with COVID-19 and compares them to the financial crisis of 2007-09. The summary...
FCA sets mortgage consumer outcome expectations
Jonathan Davidson, speaking at FCA’s webinar on mortgage forbearance, discussed what FCA is seeing the mortgage markets and reiterated its expectations on firms. His key takeaways were: FCA sees an increasing...