FCA Focus: Consumer Duty and Fraud Controls
The FCA reports stronger firm confidence and understanding of Consumer Duty expectations, while continuing to focus on financial crime. In its latest survey, 88% of firms said they understood the regulator’s expectations on supporting consumers and embedding the Duty. Separately, the FCA highlighted the scale of money-mule activity, with firms closing 238,396 suspected mule accounts […]
First-Time Buyer Schemes Need Careful Scrutiny
The proposed Your First Home scheme could widen access to new-build homes for single first-time buyers. Rightmove analysis suggests it may more than double the number of new-build properties within reach for solo purchasers in England, while The Cambridge has launched a 98% First Step mortgage. These developments may create useful routes into ownership for […]
Affordability Improves, Monthly Costs Still Bite
House-price affordability has improved on an income measure, but payment affordability remains challenging. Lloyds says the average UK home now costs 7.3 times average annual earnings, down from 7.6 times a year earlier and the lowest ratio for 11 years, as wage growth outpaces house-price inflation. Yet higher mortgage rates mean the monthly cost of […]
AI, Open Finance and Mortgage Fraud
AI, open finance, smart data and fraud prevention are moving to the centre of the mortgage technology agenda. The forthcoming Mortgage Innovation & Technology Live event reflects an industry focus on faster fact-finds, document collection, affordability assessment and better fraud detection. Mortgage firms are also beginning to use AI tools to chase, classify and check […]
Mortgage Pricing Volatility Demands Faster Advice
Mortgage pricing is moving unevenly. NatWest, TSB, Santander, Clydesdale and Barclays have all featured in recent repricing activity, with some lenders increasing selected products while others cut rates. Moneyfacts reports that average two- and five-year fixed rates are close to 6%, while gilt and swap-rate volatility continues to influence lender funding costs. For advisers, the […]