The regulator will let more firms know it is 'minded to approve' applications for authorisation when it thinks they can meet required standards.

The FCA's chief says the changes would "support home ownership and opening a discussion on the balance between access to lending and levels of defaults".

The AI chatbot answers criteria queries instantly from internal staff, brokers and customers.

The West Brom has partnered with Netcall to digitalise its application process for new savings accounts.

Almost a third of firms who applied for finance in Q2 were offered a rate of 11% or more.

Firms can apply from the banking, investment, lending, payments, insurance and pensions sectors.

A fifth of brokers say that very few lender proposition updates in the last year have enabled them to help more of their clients.

The tool enables lenders to price and deliver improved mortgage propositions.

‘MBT Sandbox’ aims to help lenders make smarter product, pricing, criteria and affordability decisions.

In December 2021, PDP selected Moneyhub and two other potential commercial dashboard providers to work with the programme in an initial six-month phase.