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Overview
Template Documents/ Reports
IDD review and feeback
Updates throughout the year
*Any of the above packages comes
with one free user licence to an online
back office system with built in sourcing systems for 12 months.
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What is it?
Written sales process guidance for mortgage, protection and GI or pension and investment products.
Template suitability letters for mortgage, protection and GI, or pension and investment products.
Compliance review and feedback provided for up to 2 cases per month depending upon package.
Why?
Mortgage fraud has been perpetrated on a large scale in recent years. Easy credit conditions and streamlined application processes have prompted fraudsters to target the mortgage sector.
July 2008 - FSA imposed a financial penalty of £129,000 and banned an adviser for posing a risk to lenders and consumers.
Jan 09 - The FSA fined a firm £28,000 for failing to adequately advise investors about the risks associated with certain transactions.
Sept 08 –The FSA censured a firm for failing to make sure that their business had the appropriate compliance and sales procedures in place to ensure customers were given suitable mortgage advice, In deciding the appropriate action to take, the FSA took into account the fact that both individuals had been made bankrupt otherwise it would have fined them £150,000 each.
- Suitable for all firms
- Firms which have moved into new product areas
- Firms which employ advisers
- Firms which are concerned that their files may not stand up to a complaint investigation.
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