FCA begins review into mortgage sector competition

The Financial Conduct Authority (FCA) has begun its review into the mortgage sector as it launched a ‘Call for Inputs’ on competition on Wednesday.

The review was flagged in March in the authority’s business plan for the year, when the FCA said it would look at whether there are any barriers to competition.

The FCA said it is looking for views about where competition issues may exist and need further investigation.

It will look at consumer access to information, the conduct and relationships of firms, regulation including changes introduced after the ‘Mortgage Market Review’, and other barriers to entry, expansion or innovation.

Director of strategy and competition Christopher Woolard said the mortgage sector plays the vital role in the financial services industry and the economy.

“For millions of consumers a mortgage is one of the biggest, if not the biggest, financial transaction they will enter into in their lifetime,” he said.

“Competition can play a key role in ensuring that the sector works well, delivering consumer benefits through lower prices, better customer service, and more product choice.”

The FCA is accepting submissions until 18 December.