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Views on fact find and suitability letter systems

Journalist: Jake Carter, Mortgage Introducer

ended 12. October 2023

Later life sourcing platform Advise Wise has officially launched its fact find and suitability letter system in the wake of the Financial Conduct Authority’s (FCA) review of the equity release market.

Why are these systems important to brokers?

How have you seen this space advance since the Financial Conduct Authority’s (FCA) review of the equity release market?

Is this something you had been calling out for?

3 responses from the Newspage community

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Simon Bridgland
Director at Charwin Private Clients
Processes and systems imposed by networks for advising and arranging mortgages are sometimes clunky and not perfect for the job as they often try to shoehorn a product type into a piece of software it wasn’t designed for. Some networks use very basic systems which are not end to end and so are open to error or omission, which of course is where problems occur. So having an end to end package will always seem good when it’s designed for a specific product, it keeps it simple and linear for the user. Allowing for copious notes to be added in relevant areas is also a huge benefit. So speaking as an AR myself I can only look on with green eyes if a new piece of kit is available to potentially make my journey of providing advice smoother and safer. I kind of envy DA advisers for this. My only real desire for giving later life advice is to encompass traditional, RIO and ER on one system and be able to select from across all product types on one system end to end.
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David Robinson
Co-Founder at Wildcat Law
Beware templating! Don't get me wrong modern fact find and suitability letter systems are a world on from where they once were, however! They are still only as good as the material input into them.
There are still too many advisers using templates to fill free text sections in automated solutions. Suitability letters should be tailored to each client. They should accurately record the advisers rationale for making the recommendation, but also why other options have been discounted. This means spending time on each one and actually doing some typing.
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Peter Stamford
Mortgage Expert at Stamford Home Finance
Templates are a quick fix which bigger firms love for their ease of implementation, but they can't capture the nuances of each client's situation. With mortgages, every case is a puzzle that needs its own solution. That's why a tailored service is crucial. It's not just about recommending a product; it's about explaining why it's the right fit and why other options fell short. So let's put the machine-cut advice aside and give each client the personalised guidance they deserve. After all, in mortgages, the devil's in the details.