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"Stronger options" needed to end mortgage loyalty penalty says Citizens Advice

10 March 2020

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

  1. Citizens Advice includes the national charity; the network of independent local Citizens Advice charities across England and Wales; the Citizens Advice consumer service; and the Witness Service.
  2. Citizens Advice is the statutory consumer advocate for energy and post. We provide supplier performance information to consumers and policy analysis to decision makers.
  3. The Citizens Advice Witness Service provides free, independent support for prosecution and defence witnesses in every criminal court in England and Wales.
  4. Citizens Advice offers Pension Wise services at 500 locations in England and Wales.
  5. Citizens Advice’s services are free, independent, confidential and impartial, and available to all regardless of race, gender, disability, sexual orientation, religion, age or nationality.
  6. To get advice online or find your local Citizens Advice, visit
  7. For consumer advice, call the Citizens Advice consumer service on 03454 04 05 06 or 03454 04 05 05 to talk in Welsh.
  8. We helped 2.6 million people face to face, by phone, email and webchat in 2017-18. For service statistics see our monthly publication Advice trends.
  9. Citizens Advice staff are supported by over 23,000 trained volunteers, working at over 2,500 locations in England and Wales.