Standard Life says it's ready for 'Mortgage Day'
It is one of the few providers that has produced such a document.
The guide covers everything an intermediary needs to know about regulation including:
– Placing business after M-Day
– Key Facts Illustration (Standard Life Bank will go through KFIs with key advisors, on a face-to-face basis, before regulation day)
– Suitability Letter
Alan Dring, Standard Life Bank Head of Sales, said Standard Life Bank had identified that the vast majority of its mortgage intermediaries used Trigold and Mortgage Brain for product sourcing.
“Feedback indicates that our intermediaries will be sourcing from verified products and obtaining offline KFIs predominantly from these systems post regulation.
“This means intermediaries will be able to source and produce offline KFIs for Standard Life Bank products safe in the knowledge that the calculations have been checked and are accurate to within the 1% tolerance level prescribed by the FSA,” Mr Dring said.
Standard Life Bank has also provided KFI and calculation information to Mortgage 2000 and Mortgage Link and will continue to provide product information to Moneyfacts, TMOS, Charcol and The Exchange, amongst others.
Standard Life Bank has also conducted research among its introducers and can confirm that the majority of its advisors plan to become directly authorised.
Mr Dring said 67% of its key introducers had applied for direct authorisation, compared to 33% who had applied for authorised representative status*.
Nineteen per cent of those planning to go down the AR route want to join life company networks, while 59% will join an IFA network.
Additional research conducted by Standard Life Bank into sourcing systems found that more than 90% of advisors planned to use sourcing systems to source illustrations but would consult with product providers for final, accurate quotes.