Key Consumer Duty developments and recent communications issued by both AMI and the FCA, with commentary on implications for mortgage intermediary firms…
The Mortgages Market Study found high levels of consumer engagement in our market; over three quarters of consumers switch to a new mortgage deal within 6 months of moving onto a reversion rate. Subsequent FCA research revealed that consumers who used a broker to select their initial mortgage were less likely to transfer onto the SVR at the end of the initial term. However, the FCA is concerned about the numbers of customers that remain on SVR.
The FCA is shortly to consult on making changes to reduce the number of consumers reverting to and staying on SVR. Their initial thinking seems to be to get lenders to do more directly.
AMI is conducting a survey on product transfers and remortgages. We will use the results of this survey to help focus the regulator’s thoughts ahead of its consultation.
It would help us greatly if all mortgage brokers could complete the survey. All responses are anonymous. It should take no more than 5 minutes. Simply click on the link below. This survey closes at 23:45 on 25th October 2020.
The survey is open to all, not just AMI members, so please do share it with other brokers, both in your firm and further afield.
Thank you for your support.