Each week, we also round-up the best comments, emails and letters to the site and pick one reader contribution as our Star Letter. This week’s award goes to:
Carney’s forward guidance U-turn – weak or wise? Marketwatch
There has been much talk about what extra work we will have to carry out as Brokers post MMR, but without any detail whatsoever. Lenders and Networks have been incredibly vague on this subject.
I suspect it is because they don’t actually know yet, or could it be that there will be no extra work for us at all? This from the front page of the FCA website for MMR…
What will the MMR mean for firms?
– The majority of the MMR changes come into effect on 26 April 2014.
Those that will be most relevant are: For intermediaries
– The removal of the requirement on intermediaries to assess affordability.
– The removal of the non-advised sales process.
– Most interactive sales (e.g. face to face or telephone) to be advised.
– An ‘execution only’ sales process for non-interactive sales (internet and postal).
– Every seller required to hold a relevant mortgage qualification. It will no longer be compulsory to provide customers with an Initial Disclosure Document (but firms can continue to do this if they want to).
Instead, certain key messages about a firm’s service must be given to customers. The Key Facts Illustration will not have to be given every time the firm provides the customer with information about a product that is specific to them.
Instead, it will only be required where a firm recommends a product or products, where the customer asks for a KFI, or where the customer has indicated what product they want in an execution-only sale.
I don’t see anything here to trouble us….
Good Mortgage Man
