Consumer finance regulatory news, 2 August 2021

FIG Bulletin

Recent regulatory developments of interest to financial institutions with focus on consumer finance. See also our Related Materials links for updates with broader application.


FCA mortgage prisoners review: terms of reference

The Financial Conduct Authority (FCA) has published the terms of reference for its mortgage prisoners review. Working closely with HM Treasury, and engaging with interested stakeholders, the FCA states that it will provide information on the following areas:

  • data review: the FCA will review and update its data to consider the demographic and loan characteristics of mortgage prisoners; and
  • interventions review: the FCA will review the effect of its recent interventions to remove regulatory barriers to switching. It will explore how firms have used the flexibility provided by FCA rules to ensure borrowers who have mortgages with inactive lenders benefit from switching options and whether any barriers remain.

The FCA plans to carry out the data review and analysis between July and October 2021. It will engage with stakeholders in July and August 2021. It will report to HM Treasury on the outcome of the review and it will be laid before Parliament by the end of November 2021.

Download the full regulatory news bulletin



Authored by Yvonne Clapham


This website is operated by Hogan Lovells Solutions Limited, whose registered office is at 21 Holborn Viaduct, London, United Kingdom, EC1A 2DY. Hogan Lovells Solutions Limited is a wholly-owned subsidiary of Hogan Lovells International LLP but is not itself a law firm. For further details of Hogan Lovells Solutions Limited and the international legal practice that comprises Hogan Lovells International LLP, Hogan Lovells US LLP and their affiliated businesses ("Hogan Lovells"), please see our Legal Notices page. © 2022 Hogan Lovells.

Attorney advertising. Prior results do not guarantee a similar outcome.