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Brokers must embrace TCF
23 May, 2008
Following the news yesterday that the FSA fined three mortgage brokers for inadequate sales, as well as the FSA’s public censuring of Mortgageland Limited for poor financial promotions, inadequate sales processes and record-keeping failings, ifs has reiterated that brokers should embrace TCF.
Mark Roberts, head of financial regulation at the ifs School of Finance said,
“Once again we see the FSA taking action to ensure mortgage brokers meet minimum standards on treating customers fairly, action that would not be necessary if brokers had achieved reasonable levels of understanding of the principles and practice of TCF.
“Our Certificate in Regulated Customer Care (CeRCC) not only provides formally assessed knowledge and understanding of the principles and practice of TCF, it also serves as useful evidence of the action taken to embed TCF at all levels in an organisation – particularly useful for an FSA visit!
“Until all mortgage firms wake up to this fact, as many already have, the FSA will rightly continue to take robust action.”
Jonathan Phelan, FSA head of retail enforcement, said: “It is deeply disappointing to find that mortgage brokers visited by the FSA are falling short of basic standards aimed at ensuring that they treat their customers fairly.”