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.
The FCA has issued a statement in respect of firms’ call recording obligations during the COVID-19 emergency.
It may be possible to carry some CPD over from the current year.
The FCA has partnered with other regulators to create a guide for consumers.
An email being received by firms, purporting to be from the FCA, is a scam.
Recording calls and meetings
Alistair MacDougall Compliance 2018, 2019, Call Recording, COVID-19, Data Protection Act, FCA, GDPR, MiFID, PI
How is client audio considered for the purposes of data protection?