Online mortgage broker Trussle has argued that the government should give the Competition and Markets Authority (CMA) powers to intervene to prevent more homeowners from becoming mortgage prisoners.
This follows the government announcing that it will legislate to give regulators, such as Ofcom and the Financial Conduct Authority, new powers to stop loyal customers being taken advantage of if their existing powers are insufficient. Ishaan Malhi (pictured) chief executive and founder of online mortgage broker, Trussle, said: “While the government consultation is a positive step in the right direction, it’s long overdue. Ipswich Building Society launches products for mortgage prisoners “This work must extend to the mortgage market, where over two million people are trapped in expensive mortgages and losing £25m across the UK every day. “The loyalty penalty is something we’ve seen a lot of in recent years. Yet the lack of action from the industry and the regulator is disappointing.
https://www.mortgageintroducer.com/trussle-argues-cma-given-power/
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