New consumer duty could lead to reduced mortgage access, says UK Finance boss

The measure coming into force from July 31 will set higher standards of consumer protection across financial services.

A new consumer duty placed on financial firms could lead to lenders being more cautious and fewer people able to access mortgages, the chief executive of trade association UK Finance David Postings has told the body’s annual mortgage lunch event (Anthony Devlin/PA) (PA Archive)

A new consumer duty placed on financial firms could lead to lenders being more cautious and fewer people able to access mortgages, the chief executive of trade association UK Finance has told an industry gathering.

David Postings told UK Finance’s annual mortgage lunch in London that the measure is a “well-meaning idea”.

He said: “We should be thoughtful about the application of the new consumer duty.”