Mis-sold Mortgage Claims > Mortgage News
FCA could stop mortgage mis-selling
Wed, 29 Jun 2011
The newly-formed Financial Conduct Authority (FCA) could be used to help stop lenders from mis-selling mortgages .

As Britain comes to terms with the mis-sold payment protection insurance scandal, there are fears that similar mis-selling sagas could occur in future, with banks taking an aggressive stance when it comes to selling.

The FCA will take over some of the Financial Services Authority's (FSA) consumer responsibilities from 2013 and FSA chief executive Hector Sants has called on the public to help shape the body.

"It is not the regulator's role to determine its own mandate," he said.

"That is for society as a whole to agree. An independent regulator's job is then to select the best tools to use."

Mr Sants added that it would then be essential that the organisation chose the right methods to achieve the goals set by the people.

FCA interim managing director Margaret Cole added that change is essential and that there is a big opportunity to shape the new regulatory structure in a way that will benefit everyone.

Ms Cole recently used a Which? conference to slam the aggressive practices employed by lenders in a string of mis-selling scandals over the past 20 years.
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