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Intelliflo launches adviser MMR checklist

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  • 12/03/2014
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Intelliflo launches adviser MMR checklist
Technology provider Intelliflo has launched a checklist for advisers ahead of the Mortgage Market Review (MMR) implementation.

The new rules will take effect from April 26 and while lenders are most under the spotlight Intelliflo said advisers must be prepared for some changes to their working practices.

Brokers will be required to provide more information to lenders and detailed documentation to show conversations and checks with clients took place.

Questions on the checklist include:

Are you able to provide proof of exactly what information and documents were provided – to whom and when – during the advice process?

Do you consistently have an up-to-date picture of clients’ individual circumstances when communicating with them, not just face-to-face but also remotely?

John Penn, head of mortgage proposition at Intelliflo (pictured), said: “Most mortgage advisers believe that the MMR will be a positive for the mortgage market, however few would disagree that there will need to be a period of adjustment where lenders and mortgage advisers alike find the best ways of working within this new dynamic.

“We developed the checklist so that businesses can easily see where they stand in terms of MMR-readiness and what actions they need to take, if any, to ensure they are fully compliant and prepared come April 26.

“Whilst the majority of mortgage advisers are aware of the MMR and its requirements this checklist will allow them to effectively get to grips with the practical implications that it will have for them and their firms.”

Brokers can request a copy of the report by contacting the firm using mmr@intelliflo.com.

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