Lynda Blackwell (pictured), mortgages and mutuals sector manager, Financial Conduct Authority (FCA), told delegates at the Personal Finance Society conference that the regulator had been gathering evidence for its thematic review on advice and distribution post-MMR.
Blackwell said the regulator’s aim is to help ‘firms to move beyond prescriptive compliance with the rule book to deliver and think about good customer outcomes’.
Firms are being assessed on whether they have a coherent joined-up mortgage advice strategy and if they have a well-designed mortgage process which is engaging supportive ands flexible. Staff must be well-trained and capable and act in the customer’s best interest with a robust monitoring and oversight procedure in place.
“Did the customer get a product which meets their needs and circimstances and was that delivered in a quality way?,” she asked.
The results, along with findings from consumer research, file reviews and firm visits will be published in April.
A second thematic review begins in November and will investigate responsible lending.
