Law Society Communities

Our communities help you develop in your professional life and make the most out of your Law Society

Find out more

Property Section

Law Society responds to FCA market study on the mortgage market

  • Print
  • Share
  • Save

Related images

  • mortgage lending

In May 2018, the Financial Conduct Authority (FCA) released its Mortgages Market Study Interim Report

The FCA found that competition in the mortgage market is working well for many people, but also identified a number of ways in which the market could work better for some people. The FCA’s proposals are particularly aimed at helping customers find the best-priced suitable mortgage deal. The FCA also wants to help longstanding borrowers who are currently unable to switch to a better deal, often referred to as ‘mortgage prisoners’.

The Law Society has responded to the report. In our response, we note that the majority of lenders operate a panel-based system to select law firms to act on behalf of that lender in mortgage transactions. Some lenders employ a panel management company, such as Lender Exchange or Legal Marketing Services, to manage the panel on their behalf. However, lender panels and the way in which they operate are not addressed in this report. We believe that practices adopted by lenders give rise to factors that might affect how the mortgages market works for consumers, therefore those factors are relevant to the review and should be considered by the FCA.

  • Print
  • Share
  • Save
Property Section renewals

Benefits of Membership*

The Property Section will provide you with support, advice, networking opportunities and enable the sharing of best practice with peers.

The engagement programmes have been created in consultation with the Section Committee and run from November to November each year.

Download our new 2018-19 engagement programme

Download our 2017-18 engagement programme

The engagement programme is updated throughout the year and highlights our key areas of focus and the range of activities that will address these areas including: a conference, regional events, magazines, newletters and podcasts.

*See Section terms and conditions

Join today