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UK regulator zeroes in on residential mortgage competition

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UK regulator zeroes in on residential mortgage competition

The U.K. Financial Conduct Authority will look into whether relationships between mortgage lenders and brokers lead to conflicts of interest that could negatively affect consumers.

The market study will also look into whether consumers have adequate resources, including mortgage advice, to choose products that represent the best value for their money, the FCA said Dec. 12.

The FCA intends to publish an interim report in summer 2017. Stakeholders will have an opportunity to comment on the report before the final version is published in early 2018.

"As a mortgage is likely to be the biggest financial commitment most people make in their lifetime, we're keen to ensure that competition in the mortgage sector is healthy and working to the benefit of consumers," said Christopher Woolard, the FCA's executive director of strategy and competition.