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Consumer Duty manufacturers/brokers

Journalist: Anna Sagar, Mortgage Solutions / Specialist Lending Solutions

ended 25. April 2023

Interested in hearing from mortgage brokers about Consumer Duty. 

By the end of April manufacturers should have completed all reviews necessary to meet the outcome rules and shared necessary information with their distributors 

  • Have you got what you need from lenders/manufacturers? 
  • What does it look like and can they work with it?

 

1 responses from the Newspage community

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Gary Bush
Financial Adviser at MortgageShop.com
Let's show our hand from the off in this - we think that Consumer Duty is the financial regulator having a good take on where financial advice should be headed post-July 2023. We would say that we have a company based around technical systems and controls that we have taken over 20 years to develop, we never stop tweaking our IT. Do we think that "manufacturers", we like to call them lenders or insurers, are going to produce "information for distributors", we like to call us advice firms, that provide any useful purpose to the financial services arena? Well from what we have seen so far it's a no from us, we have seen "manufacturers" provide what I'd expect to see in a Food Standards environment chain, a blurb-ridden document that includes as much jargon and unnecessary detail to skate around the specifics and give the appearance that its purpose is to assist the "distributors" but really is just a lip service campaign to a perceived regulators agenda. They aren't of use to us.