Eric Leenders, Managing Director, Personal Finance, UK Finance comments:
“The industry has already implemented a number of remedies to improve competition in the mortgages and cash savings market to encourage customers to shop around to get the best possible deal and we are pleased that the CMA has recommended that the Financial Conduct Authority continues to work with the industry in response to the super-complaint made by Citizens Advice.
“In July we launched a cross-industry voluntary initiative to help longstanding mortgage borrowers on reversion rates to switch to an alternative product. We are currently working with the regulator and government to consider what more could be done for customers when mortgage providers are no longer active in the market, which may include a change to the current rules to make it possible to switch a like-for-like mortgage to a different lender more easily.
“To help savers, we have instigated a package of improvements, including communicating more clearly with customers about the rates they receive, faster Cash ISA transfers and enhanced customer prompts before a rate is reduced.
“We will now work with our members and the regulators in the coming months to take forward these proposals.”