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Loan claim: FCA to collect personal data on mortgages

Consumers' data on mortgages may no longer be private, as the Financial Conduct Authority (FCA) is planning to step up the gathering of information.

It is doing this to better police the collection of mortgages, safeguarding against the agreement of risky mortgages. Agreeing bad mortgages are negative not only for consumers but also for the economy, where public funding has previously suffered due to bad investments falling through at several banks.

The new data will include information on such areas as childcare, income and household spend. It will then be shared with the Bank of England and the other financial regulator, the Prudential Regulation Authority.

However, there are some ramifications in terms of data protection and human rights that could be at stake if the FCA implements this measure.

In response to this, the FCA has said that the data collection is necessary to improve mortgage lending and that information will only be shared in rare cases where activities such as fraud are suspected.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801586789-ADNFCR

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