FCA may restrict lenders' ability to alter mortgage terms

clock • 1 min read

The Financial Conduct Authority (FCA) may restrict the changes lenders can make to mortgage contracts after assessing the fairness of the existing regulations.

It is inviting stakeholders, including advisory firms, to have their say on how fairness should be assessed when lenders make changes to the terms of mortgage deals. As well as restricting lenders' rights, the FCA may also introduce rules about the information firms must provide to consumers. The suggested changes are included in a discussion paper covering the fairness of the existing regime, under which the FCA is already likely to assess the fairness of terms used and whether the lender has the contractual power to make changes. As part of its opinion-gathering work, the FCA is ...

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