15 MORTGAGE NEWSLETTER This includes: • Introducing targeted support, so consumers have greater access to support that bolsters their decision making. • Working to make pensions dashboards a reality, which will make it easier for consumers to find and understand their savings and improve retirement outcomes. There is no silver bullet here – no quick fix to solve under-saving and under-engagement – but we are playing our part.” 2. The declining rate of home ownership: “Today, more people are taking longer to buy a house. Many struggle to buy at all. Not because they don’t want to: 55% of non-homeowners do. Saving for a deposit is difficult: 42% expect it to take at least 5 years. Many people will rent through retirement. The proportion of retired consumers living in the rental sector is expected to more than double by 2041. Whether renting or paying off a mortgage, retirement costs are unlikely to be met by savings alone. In this moment of regulatory reform, we’re taking a step back and considering where a different approach may be needed. We’ve already set out a wide-ranging set of ideas to change our mortgage lending rules, with the aim of opening the possibility of homeownership to more people. We want to support people who rent to be able to buy a home if they want to. We’ve clarified our requirements to ensure firms use the flexibility in our rules to support good customer outcomes. More regulatory initiatives will follow.” Paradigm doesn’t cover every speech given by the FCA in our updates, but we felt that this was sufficient interest to be a good a CPD read for firms and we wanted to bring them to your attention. We have already seen certain changes to mortgage rules this year and firms can be reassured that Paradigm will keep you ahead of the curve across all relevant areas of advice as regards any further regulatory initiatives and/or change that the FCA are looking to introduce.
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