Britain's financial watchdog starts home loans competition review

London

BRITAIN'S financial watchdog said on Wednesday that it has begun a review of the £1.3 trillion (S$2.8 trillion) mortgage market to see if there are areas where competition may not be working well or could be improved.

The regulator's action comes when the British government is facing pressure over a housing shortage in parts of the country and rising prices have put home ownership out of the reach of many people.

The Financial Conduct Authority (FCA) said that it can be challenging for people to compare a vast array of home loans on offer with no consistent terminology for fees and charges…