FCA calls for mortgage intermediaries willing to help mortgage prisoners

Regulatory Updates | 09/07/20

The Financial Conduct Authority (FCA) has published a call for expressions of interest from mortgage intermediaries willing to work with mortgage prisoners to help them identify and move to an active lender where possible, or to signpost them to additional support including debt advice. This follows the FCA’s report published in January 2020, which found that around 170,000 borrowers with closed-book mortgages, or mortgages owned by unregulated entities, would be eligible to switch mortgages under the FCA’s new rules. Interested intermediaries that meet the criteria set out by the FCA are asked to submit an expression of interest by 6 August 2020. Intermediaries will be notified by 11 August 2020 that they will appear on the list of mortgage intermediaries on the Money Advice Service website.