The Mortgage Advice Bureau has provided their insight on the Financial Conduct Authority (FCA)’s interim report into the distribution of pure protection products to retail customers.
The Report represents a positive development for MAB and reflects the constructive and ongoing dialogue the Group has maintained with the FCA.
MAB welcomes these findings and remains committed to maintaining the highest standards of consumer outcomes and regulatory engagement, while continuing to support the development of the protection market and the reduction of the protection gap identified in the Report.
Peter Brodnicki, Founder and CEO, commented:
“The FCA’s findings are a positive and reassuring outcome for the protection market, and for firms that have consistently focused on delivering good consumer outcomes. Protection advice plays a critical role in supporting financial resilience, and intermediaries are central to helping customers access appropriate cover.
As discussed at our recent Capital Markets Update, protection is a strategic growth priority for MAB. We are investing in dedicated capability alongside our core mortgage proposition, and the FCA’s recognition of the need to address the protection gap reinforces the long-term opportunity in this market. MAB is well-positioned to support customers while continuing to operate to the highest regulatory standard.
Periods of regulatory uncertainty have created an overhang for the sector. The FCA’s continued emphasis on proportionate, outcomes-based regulation, including its work on the Mortgage Rule Review, is therefore welcome. A clear regulatory framework that balances consumer protection with sustainable growth is critical to improving access, choice and advice for borrowers.”
