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FCA urged to reconsider disclosure rules

FCA urged to reconsider disclosure rules

The Association of Mortgage Intermediaries (AMI) has criticised the Financial Conduct Authority for implementing “weaker” Mortgage Credit Directive (MCD) disclosure rules on lenders than for brokers.

In its latest quarterly economic bulletin, the AMI said that under the MCD, banks and buildings societies have seen the regulatory onus on them to disclose terms and conditions soften – because under European regulation they are only required to disclose orally.

It attacked the regulator for keeping Mortgage Market Review (MMR) rules in place for intermediaries, but not for lenders.

The association said: “AMI is disappointed to see that the FCA has not chosen to require lenders to continue to adopt the same stance as brokers on this point.

 “MMR was designed to level the playing field so that borrowers received a consistent level of service regardless of the path they chose to take when applying for a mortgage.

“We strongly urge the FCA to reconsider this rule and revert back to its much fairer and more robust disclosure rules under MMR.

 “This is fairer to consumers on all levels.”


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