LONDON Dec 12 Britain's financial watchdog has
launched a full review of the country's 1.3 trillion pound
($1.64 trillion) mortgage market to see if customers could get
better deals and whether links between industry players harm
The Financial Conduct Authority (FCA) began preliminary work
in October 2015 to see if there were parts of the mortgage
market where competition could be improved.
The review comes as the British government is facing
pressure over a housing shortage in parts of the country and
rising prices have put home ownership out of reach for many
"As a mortgage is likely to be the biggest financial
commitment most people make in their lifetime, we're keen to
ensure that competition in the mortgage sector is healthy and
working to the benefit of consumers," said Christopher Woolard,
the FCA's executive director of strategy and competition.
There are 11.1 million home loans totalling 1.3 trillion
pounds in debt, with 220 billion pounds borrowed in 2015,
according to the Council of Mortgage Lenders, an industry body.
(Reporting by Huw Jones; Editing by Rachel Armstrong)