The Mortgage Market Review (MMR) has triggered a dramatic fall in the number of consumers who say it is easy to switch their mortgage.
Mortgages are now the hardest financial product to switch, according to a new survey of customers who have shopped around for financial services in the last 12 months.
The research, conducted by comparison site Gocompare.com, showed that just 59% of people who recently switched mortgage provider described the process as "easy".
When the same survey was carried out in July 2014 that figure was 70%.
Home insurance is the easiest product to switch, followed by car insurance and credit cards
The dramatic reduction suggests the Mortgage Market Review, which was introduced at the end of April 2014, is continuing to frustrate consumers.
The new system means that anyone needing a mortgage to buy a home, increase a current mortgage or remortgage needs to pass a more stringent affordability test, while interest-only applicants need to be able to demonstrate a credible repayment plan.
MMR changes have subsequently been blamed for a fall in mortgage applications and delays in processing approvals.
Matt Sanders from Gocompare.com said: "It is clear from our research that consumers have taken issue with the changes to the mortgage application process introduced 12 months ago.
"To put it into context, the recent improvements in bank account and energy switching have failed to register at all on this survey, yet mortgages have slipped 11 percentage points.
"It would be fair to say that mortgages were never the most straightforward product to switch, but MMR has added an extra layer of complexity and in many cases led to delays in the process which just frustrates people further.
Sanders said providers need to "up their game" as consumers expect a good service when they have spent time shopping around to find a better deal.
He said MMR has undoubtedly prolonged the process of applying for a mortgage. "Even though applying for a mortgage is more complicated, there has never been a better time to shop around and with record low interest rates."
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