BSA response to FCA consultation on mortgage advice and selling standards

The BSA welcomes this consultation on current advice and selling standards.  The aim of these proposals is to provide greater consumer choice and allow the development of further digital solutions. 

In our response to the Mortgage Market Study Interim Report we suggested that whilst a fully advised process was suitable for the majority of consumers, those who legitimately wanted to transact via execution-only were currently denied this opportunity due to restrictions in rules and guidance.

We are broadly supportive of the proposed changes, however, we have some concerns these proposals are still too restrictive in some areas.  It is essential that the FCA provides clarity in order for lenders to fully embrace these changes.

See here for our full response.