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The Consumer Council welcomes the opportunity to respond to The Money and Pension Service (MaPS) listening document and enjoyed participating in the Belfast Listening Event on 6 June 2019 at the Skainos Centre. Our Chief Executive gave a presentation on the key issues facing Northern Ireland consumers and a number of staff gave extensive comment on the issues and questions posed on the day. Therefore, this response will focus on the key points made at the event, and will refer to the National Strategy and the five life stages discussed at the event.

The Consumer Council of Northern Ireland welcomes the invitation to respond to the Financial Conduct Authority’s (FCA’s) Mortgages Market Study Interim Report. The Financial Conduct Authority have investigated the extent to which certain existing mortgage customers are trapped in high rate mortgages from which they cannot escape.

There is a higher rate of so called ‘mortgage prisoners’ in Northern Ireland than in the rest of the UK. The Consumer Council’s response seeks to ensure consumer need here is represented and  fully considered in any future regulation of the mortgage market.

The Consumer Council's Third Annual Consumer Parliament.