Commenting on the FCA Discussion Paper on Mortgage Rule Review, Paul Broadhead, Head of Mortgage and Housing Policy at the Building Societies Association (BSA) said:
 
"Since the financial crisis, it is clear that the regulatory pendulum has swung too far towards caution, prioritising detailed rules at the expense of access to the benefits of homeownership for many creditworthy families. We therefore welcome the Financial Conduct Authority’s (FCA’s) Discussion Paper exploring the future of mortgage lending for all types of borrowers.  Alongside the Government's promised long-term housing strategy, this review provides a crucial opportunity to shape the UK mortgage market for the next decade and beyond.
 
"Over the summer we will engage with our members and carefully consider our response. I expect some very lively discussions as we explore both the risks and opportunities across all areas of mortgage regulation. In doing so, it’s important that we don’t jeopardise the consumer confidence and trust we have built in the mortgage market since 2008, but we must be radical and ambitious in our thinking to ensure we achieve a framework that enables us to support more people on their homeownership journey both now and in the future.
 
"We must be mindful of the way people live today and ensure that all proposals are future-proofed. Wide ranging reviews of the mortgage market are rare so this is potentially a once in a generation opportunity. The outcome of both this review and a supply-side plan from Government must together create an environment where homes are more affordable, more available and more appropriate to the needs of those who will live in them. It is incumbent on us today to contribute to the design of an innovative, flexible and sustainable mortgage market that meets the needs of current and future generations."

Ends

Contact:
Pressoffice@bsa.org.uk 

Notes:

• The Building Societies Association (BSA) represents all 42 UK building societies, as well as 2 mutual–owned banks and 7 credit unions. Building societies and mutual–owned banks have total assets of almost £650 billion. They hold residential mortgages of over £485 billion, 29% of the total outstanding in the UK. They also hold over £485 billion of retail deposits, accounting for 23% of all such deposits in the UK. Building societies and mutual-owned banks account for 47% of all cash ISA balances.
• Building societies (not including the mutual-owned banks) employ around 52,300 full and part-time staff and operate through approximately 1,300 branches, a 30% share of branches across the UK.
• The BSA's April 2024 report into the first-time buyer market - Age-old problems, modern solutions - provided a comprehensive review of the challenges facing first-time buyers, offering potential policy solutions
• The update report - The missing millions - was published in April 2025