There is no specific regulatory requirement to produce a suitability report for mortgages.
To our mind, this is crazy thinking and it is our strong recommendation that firms should issue reports for all mortgage related business, be it regulated or not, because this provides good protection against potential complaints.
Think about it another way – will your business be more, or less valuable, if every case is supported by a good quality suitability report?
Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.
ATEB Compliance offers compliance and regulatory advice.
ATEB Suitability provides report writing software for the financial services market.
One of the FCA’s recent publications, Regulation Round Up, contained several interesting articles. Of course, Consumer Duty occupied plenty of space, but one of the articles that didn’t grabbed our attention. This involved censure of a firm and an associated FCA Final Notice issued on 12 May, but it was the numbers that really raised […]
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Bed and ISA – not so straightforward anymore?
Lisa Cross Compliance 2022, Conduct, PI
Benjamin Franklin once said: “In this world nothing can be said to be certain, except death and taxes”. You could possibly add change to this, but the statement is indubitably as true now as it was then. And from a tax perspective, the reduction in the Annual Exemption Allowance (AEA) for Capital Gains Tax (CGT) […]