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.
Fish, tree or river?
Read about the most common failings with transfer advice and how to avoid them.
This is a uesful FCA consultation if you have PEPs
Significant changes are imminent relating to disclosure documents and also GI renewals.
Pension Switches – a timely reminder
Alistair MacDougall Compliance ML, Pension, Switch
The regulator first published guidance on pension switching advice in 2009. It still applies yet firms do not always meet the requirements.