FCA has written a "Dear CEO" letter setting out the rules mortgage lenders should consider when considering changing their Standard Variable Rates (SVRs). It says it does not generally expect firms to need to engage with their supervisor about a change, unless the firm feels it needs to make a notification under Principle 11. FCA also says it plans shortly to publish a discussion paper on fairness in the context of changes to mortgage contracts. (Source: FCA Writes to CEOs on SVRs)