The Financial Conduct Authority (FCA) is reevaluating homeowner protection measures, particularly the mortgage charter established two years ago, amid pressure from Chancellor Rachel Reeves to reduce business regulations. CEO Nikhil Rathi indicated that the charter may be outdated in the current economic context, where interest rates have stabilized, and repossessions are down. The goal is to dismantle regulations seen as limiting to business growth, following Reeves’ stance that post-financial crisis protections are overly restrictive. This reflects a broader shift towards prioritizing economic competitiveness in regulatory policy.
Rathi emphasized the need for regulatory flexibility, suggesting that the mortgage charter, while initially necessary, may now hinder economic growth and business competitiveness.
The chancellor believes the current regulatory framework prioritizes risk management over growth, urging the FCA to reconsider protective measures for struggling homeowners to promote business investment.
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