FCA launches consultation to make mortgage changes "easier, faster and cheaper"

As part of its work, the authority wants to make it quicker and easier for consumers to discuss options with firms – while still ensuring access to advice if wanted or needed. The consultation also focuses on simplifying processes for consumers to reduce their mortgage terms and access cheaper productwhen remortgaging.

This initiative forms part of the work plan set out in the FCA’s letter to the Prime Minister, which outlined nearly 50 commitments to support the growth of the UK economy.

The FCA’s director of retail banking, Emad Aladhal, said: "Our strategy aims to deepen trust and rebalance risk to support growth and improve lives.

"That’s why, with the Consumer Duty now in place to maintain high standards, we want to make it easier, faster and cheaper for borrowers to access and make changes to their mortgage."