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Moneyfacts widens Consumer Duty audit tool to include mortgages
Moneyfacts has widened its Consumer Duty audit tool so it is available for mortgages, following the high demand for its savings audit tool.
The tool previously solely covered savings accounts and closed savings accounts.
It offers a “product level view” of residential mortgage products along with a summary of the market to allow “ongoing fair value benchmarking, filtering and review of the product portfolio”.
A demo of the tool can be accessed on the company’s website and a report is emailed every Tuesday with Moneyfacts’ data.
Consumer Duty rules came into effect at the end of July and promote a greater focus on minimising consumer harm and providing good customer outcomes. It applies to all firms regulated by the FCA.
John Woods, Moneyfacts founder and executive chairman, said: “Following the unprecedented demand for the Moneyfacts Consumer Audit Tool for Savings and conversations we have had with banks and building societies, we know there is already high demand for the mortgages version of the Moneyfacts Consumer Duty audit tool.”
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