Following the Financial Conduct Authority’s (FCA) Call for Input on competition in the mortgage market earlier in the week, the Association of Short Term Lenders (ASTL) has outlined its stance on the subject.
Benson Hersch (pictured), CEO of the ASTL, said: “The ASTL welcomes the FCA’s review of competition in the mortgage market and, in particular, the impact that regulation has in this respect. Bridging finance is a growing market delivering real benefits to consumers.
“Whilst it is understandable that price may be a key driver in the mainstream long-term market, it should not be ignored that other aspects such as certainty and speed of funding are just as important, if not more important, in niche markets.
“The cost of regulation can be a barrier to entry for smaller firms. But we look forward to working with the FCA in getting over the views of our members on potential improvements to competition and consumer outcomes.”