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.
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The FCA recently advised of incoming changes to how firms access FCA systems. In order to protect firms’ data, the FCA are to implement multi factor authentication (MFA). This will replace the current method used by firms to log into the FCA systems. Multi-factor authentication ensures only you access your accounts. Currently firms […]
As part of the Government’s reforms of previous EU legislation, next on the list is the proposal to scrap the 10% portfolio drop rule, which was introduced within MiFID II rules in January 2018. Under the legislation firms were required to notify clients where the overall value of their portfolio had fallen by 10% […]
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An ATEB reminder for all staff involved in insurance distribution activities
Michael Senior Compliance Conduct, FCA, P1, PI, Security
We thought it appropriate to issue a New Year reminder for firms that have staff … directly involved in the carrying on of the firm’s insurance distribution activities; or within the management structure responsible for the firm’s insurance distribution activities; or responsible for the supervision of a relevant employee acting in the capacity […]