"Stronger options" needed to end mortgage loyalty penalty says Citizens Advice
Citizens Advice has responded to the Financial Conduct Authority’s research on mortgage switching.
Dame Gillian Guy, Chief Executive of Citizens Advice, said:
“It’s been a year since the FCA admitted that “harm is significant” for loyal customers in the mortgage market. So it’s frustrating that in that time people have seen their loyalty penalised by a staggering £800 million.
“We’re pleased the FCA has now acknowledged that there is a case for intervening to stamp out the loyalty penalty.
“But we know encouraging people to switch won’t go far enough. We expect the FCA to put stronger options on the table in their spring consultation on how to end this systematic scam.”
Notes to editors
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