FCA: Brokers have a ‘hugely important’ role in mortgage advice

Mortgage brokers and advisers have a “hugely important” role to play in helping more Britons on to the housing ladder, the FCA has said.

Speaking on the latest FT Adviser Margin Notes videocast, David Geale, the FCA’s permanent executive director for payments and digital finance, explained the reasons the regulator is looking at the future of mortgage lending in the UK.

Geale also discussed how technology and AI could be used more to help lenders and brokers in their decision-making.

He said: “We see AI developing as a tool, and that can be used in different ways. It can be used to help some people with their selection.

“It can help people in terms learning and help to identify customers who need support.”

But as well as considering how AI and technology can shape the future of the UK’s mortgage market, Geale said even if the adviser used AI to help “streamline” the process, the role of independent advisers would always be vital in delivering personalised and tailored recommendations to would-be homeowners.

Hosted on Acast. See acast.com/privacy for more information.