On 31st July 2020 the FCA implemented a new rule which requires mortgageadvisers to carefully source and compare products that meet the customers needs and, where the recommended product is not the cheapest that is available to the customer, the adviser must explain why they are not recommending the cheapest.
This page includes a link to the networks initial training video and guides as well as an example suitability letter.
Following the initial training the network received a lot of enquiries, questions and concerns about the new rule so, in order to offer support we hosted a live Q&A sessions. We are publishing a recording of this Q&A for anyone that missed the original session and would like to review. The first 10 minutes of this session explains the background to the rule and why it has come about, so is worth a watch for that reason alone.
Finally we have created a Q&A document, which includes all of the most commonly asked questions and the answer to each of these, which we believe will help you understand the rule, what is required and how to comply.
As ever, if you are still unsure, you can speak o your Regional Compliance Manager, but we believe in the first instance, if you have completed the initial training, that watching the live Q&A and/or referring to the Q&A document will help you answer your questions.