The Treasury Committee has today published an exchange of letters between the Chairman of the Committee, Andrew Tyrie MP, and the Chief Executive of the Financial Conduct Authority, Martin Wheatley, regarding the FCA’s research into interest-only mortgages.
Commenting on the letters, the Chairman of the Treasury Select Committee, Andrew Tyrie MP, said:
The FCA’s research into interest-only mortgages was a useful, forward-looking exercise. It provides valuable information and guidance for consumers.
This work is not a one-off; other thematic reviews of key areas are underway. An important precedent has been set. The Treasury Committee will look closely at any further reviews published by the FCA.
Following the recent scandals in banking, it is easy to forget that customers have responsibilities too. This research makes clear the risks associated with interest-only mortgages.