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Has Consumer Duty changed your day-to-day?

Journalist: Anna Sagar, Mortgage Solutions / Specialist Lending Solutions

ended 12. October 2023

Looking to speak to mortgage brokers about whether Consumer Duty has changed brokers' working practices. 

A poll by Mortgage Solutions showed 17.5 per cent had changed their working practices to a large extent, 41.3 per cent said to a small extent and no difference respectively.

  • Are the findings surprising? 
  • In what ways have you changed your working practices since Consumer Duty came into force?

2 responses from the Newspage community

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Editor
Stephen Perkins
Managing Director at Yellow Brick Mortgages
No customer-focused brokerage would have had to change anything on the back of Consumer Duty. So the only impact would be those charging extortionate fees or giving poor service, which greatly is a very small minority of the broker market. I am therefore surprised that as many as 17.5% have had to change working practices to a large extent.
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Editor
Simon Bridgland
Director at Charwin Private Clients
Other than some training on consumer duty, things have not really changed. Going forward the charging structure I have will be altered to better suit it, but realistically it's business as usual as both myself and the network I belong to were already in a very good place with the client front and centre of what we do.