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.
Further guidance on dealing with customers in financial difficulty.
How do the transitional rules on transfer advice apply?
The Gabriel replacement is now being rolled out to firms.
Firms that provide advice on DB pension transfers have to consider workplace pensions as the destination. How can these be researched?
SM&CR – FCA explainer video
Alistair MacDougall Compliance FCA, SM&CR
The FCA has issued a video explaining what firms have to do ahead of 31 March 2021.