Responding to the Financial Conduct Authority's proposals on changes to mortgage advice published today, UK Finance Director of Mortgages Jackie Bennett commented:

?The FCA's proposals provide helpful clarity on the boundary between execution-only sales channels and mortgage advice.

?This should help ensure that firms can easily provide factual information to borrowers who opt to go through the execution-only route, helping them to choose or switch product quickly and efficiently. It will also support continued innovation, particularly in digital channels.
 
?The overwhelming majority of new loans are likely to continue being sold under an advised process, during which customers take part in a lengthy interview with the onus being on the lender or adviser to ensure that the mortgage is suitable for the borrower's needs.

?UK Finance will be responding to this consultation in due course and will continue working with the FCA to make it easier for customers to choose the right product for them.?

For more information please call the UK Finance press office on 020 7416 6750 or email press@ukfinance.org.uk