RBS accuses FCA of hampering mortgage industry innovation and progress
The Royal Bank of Scotland's Benjamin Morgan has said at a conference that it is only now, after nearly two years, that mortgage industry stakeholders feel that lenders are able to focus on growth and innovation, rather than tough regulatory compliance. He pointed out that since the "Mortgage Market Review" was released, there has been a distinct drop in activity and an increased lack of innovation. "The UK's regulatory environment has been one characterised by fear", said Mr Morgan, who went on to say, "I think things will loosen over time, as the market opportunities will be too big to ignore in terms of innovation".
Various mortgage industry stakeholders have complained that it is only now - a year-and-a-half after the Mortgage Market Review - that lenders are able to focus on growth and innovation rather than regulatory compliance.