FCA chief executive Andrew Bailey has called for the full regulation of mortgage lending.
Speaking at a Treasury Select Committee hearing today, Bailey said “we have to taken seriously extending the regulatory perimeter and saying that mortgage lending should be a regulated activity”.
This he said could help to solve the mortgage prisoners situations.
“That would allow us to make rules in that space. I don’t know of another solution to this, honestly.
“We do authorise mortgage administrators but I don’t think it works to go through that channel in the way we would both probably want to achieve.”
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