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.
We have been advised by the FCA as follows: “Following our recent revalorisation of the application fees earlier this year, on 24 January we advised that we would be introducing a new charge of £250 for standalone long Form A applications both for Senior Manager Functions and Controlled Function for Appointed Representatives. We […]
We are delighted to announce that our new and upgraded Member’s Area will be available on Monday 9th May. Aligned to our current standards and branding, it provides access to a comprehensive toolkit of processes, procedures and templates, as well as training material, such as webinars and supervisory workshops. We will be adding […]
We have covered regulatory requirements around replacement business, more commonly referred to as switch business, before. As this appears to comprise a significant proportion of the source of many firms’ business, it is always relevant to revisit this from time to time. You can link to our previous articles here. It is particularly relevant to […]
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FCA – new power to vary or cancel permissions
Paul Caine Compliance Conduct, FCA, Register
The FCA can now vary or cancel permissions more quickly than previously applied. What is changing The FCA now has an additional power, which enables quicker action to: vary or cancel the statutory permissions to conduct FCA-regulated activities of many FCA-authorised firms, where those firms: appear to be carrying on no FCA-regulated activities for which they have permission, and […]