The Times - If computer says no to mortage, it may not be right, warns FCA
Tags: The Times and The Sunday Times
Britain’s biggest banks and building societies are in danger of becoming too reliant on computers to decide who should be acceptable for a mortgage, the Financial Conduct Authority has warned.
Aaron Strutt, of Trinity Financial mortgage brokers, said that most industries were becoming more reliant on computers and robo-advice, but “the FCA are saying we need to be doing more work on this”.
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