UK watchdog warns watering down regulation will cause more failures

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Financial Times 3d ago

UK watchdog warns watering down regulation will cause more failures - Financial Times

Quick Summary:

They restrict how much banks can lend as a multiple of a person’s income or the value of a property and require affordability tests to check if borrowers could cope with future interest rate rises.

The watchdog also said it would “begin simplifying responsible lending and advice rules for mortgages, supporting home ownership and opening a discussion on the balance between access to lending and levels of defaults”.

The UK financial watchdog has sent a shot across the bow of Sir Keir Starmer’s pro-growth push, warning that its plans to water down swaths of regulation will cause more failures that harm consumers.