The Financial Conduct Authority (FCA) is to consult the industry on the significance of small print in mortgage contracts in the wake of decisions by banks to increase their tracker rates.
Speaking at the Financial Services Expo in London on Tuesday, FCA mortgage and consumer lending director Linda Woodall said a decision by West Bromwich Building Society to increase rates on certain buy-to-let tracker mortgages did not set a precedent for lenders. Instead, Woodall (pictured) said, the regulator would consider decisions on a case-by-case basis. Earlier this year, the Bank of Ireland was criticised for hiking the interest rates for thousands of its customers on tracker deals. “We recognise that there is an issue to be debated in the industry about customers’ expectati...
To continue reading this article...
Join Professional Adviser
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes.