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Story summary
- The Financial Conduct Authority (FCA) plans mortgage-market reforms to increase access for consumers, especially pensioners.
- The FCA will consult the public on simplifying mortgage rules, expanding later-life lending, and using technology in lending.
- Key changes include exempting retirement interest-only mortgages from banks' limits and letting over-55s unlock home equity.
- David Geale of the FCA says reform is needed to address low retirement savings amid rising mortgage risk for homebuyers.
