What the FCA’s mortgages and Open Finance Policy Sprint taught us about the future of home buying
Summary
The article reports on the FCA’s Mortgages and Open Finance Policy Sprint, which examined how trusted financial data could improve mortgage decision-making and the wider home buying journey. It argues that better data sharing, common standards and stronger governance could reduce duplication, improve transparency and support more accurate affordability assessments.
Why it matters
Residential property surveyors are affected because the home buying process increasingly depends on connected data flows between lenders, conveyancers and other parties. Changes in Open Finance and Smart Data could alter how affordability, evidence and transaction information are handled across the property market.
Key points
- The FCA Sprint explored how trusted financial data could improve consumer outcomes in mortgage and property transactions.
- Participants considered using broader data sources such as rental histories, utility payments and debt management records.
- The article says Open Finance will need common standards, governance, liability frameworks and consumer trust to scale.
- A more connected Smart Data approach could reduce repeated information requests across the home buying process.
- Industry-wide collaboration between policymakers, regulators, lenders, technology providers and conveyancers was highlighted as essential.
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