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Cooperation could benefit UK mortgage market

Date: Wed, 31 Aug 2005

Cooperation within the UK mortgage industry could help increase consumer choice and improve the sector's image, according to Which?

The consumer group believes that the financial services industry needs to increase standards to avoid developing an untrustworthy image.

Which?’s consultation reports suggest that firms should consider introducing a set of customer principles as well as adapting their current sales and business culture in order to improve public perceptions of the sector.

The mis-selling of endowment policies as well as several incidents involving payment protection cover has lead to the mortgage industry being unpopular with the public but a more open approach could reverse this trend as well as boost the UK economy.

"Following a succession of mis-selling scandals and low market performance, consumer confidence and trust in the financial services industry have been severely damaged," said Peter Vicary-Smith, chief executive of Which?

"This is not only in the consumer interest, but the national economic interest too," he added.


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