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.
Is your suitability report process ready for the new transfer rules? ATEB Suitability is!
Register your interest in taking part in a series of Pension Transfer Seminars.
New rules apply to transfer advice from 1 OCtober 2020. Are you ready?
ATEB is running a series of webinars covering the significant changes to the rules around pension transfer advice that apply from 1 October 2020.
New Abridged Advice Report Template & PS20/06 Rules for DB Transfer
David Anderson Suitability 2020, FCA, Pension, Pension Transfer, Update, Xplan
DB Transfer PS20/06 Update & New Abridged Advice Template