Mortgage lenders 'must act in best interests of customers'
The Consumer Director of the Financial Regulator, Mary O'Dea, has warned that mortgage lenders must act in the best interests of their customers when providing advice on switching tracker mortgages to fixed or variable-rate mortgages.
Ms O'Dea said: "Mortgage lenders must make sure that they understand each consumer's individual needs and circumstances before recommending that any consumer switches from his or her current mortgage. Lenders must be able to demonstrate compliance with the Statutory Consumer Protection Code.