Mortgages 

Mortgage market 'too slow' on innovation

He thought the market was showing a good pace of change but would need "perhaps a year or two" to get up to pace, stressing that market entrants such as Habito and Trussle had put pressure on the market to innovate faster.

But Julie Patient, counsel at law firm Hogan Lovells, warned that innovation could be "hit and miss" and that firms needed to have an action plan to protect consumers from any misses.

Speaking on the same panel as Mr Sinclair, Ms Patient said: "Innovation naturally involves an element of hit and miss - some works, some doesn’t. So, how do you protect a consumer when it doesn’t work?"

She said firms that had an innovative product that attracts people needed to have a "exit route" if it failed and stressed that the market needed to learn its lesson from the noughties and the credit crunch, "especially when it comes to access to market and improving switching".

She added: "We need to be careful of a repeat of the noughties where unnecessary churn was pushed to improve profit."

imogen.tew@ft.com

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