Abour our service - Who regulates mortgage advisors?
Mortgage brokers have to be authorised either directly or as an appointed representative of a directly authorised firm by the FSA (Financial Services Authority).
The FSA is an independent watchdog that oversees the financial services industry and who is responsible for ensuring that mortgage advisors act in the best interest of their clients. Because we are FSA regulated we are covered by the FSCS (financial services compensation scheme) details of which can be found through the financial ombudsman service.
The Data commissioner's office also regulates our use of client data and how this is shared with third parties.
How does regulation affect you as customers?
Not only do we have to be authorised but that means every mortgage advisor that work's for us must be industry qualified. The CeMAP qualification certifies our brokers to advise on all types of mortgage's loans and non-investment insurance products.
When making a sale we must ensure that a product meets your needs, so we will engage in a complete fact find with you that establishes your aims, circumstances and views so that we can make an appropriate recommendation. If we do recommend a product to you we must produce a Key Features Illustration for you as well that highlights the products features and costs as well producing a suitability letter that details the reason for our recommendation.
If a product does not suit your requirements we cannot recommend it to you and must make it clear that any product we could offer does not meet specific needs.
As well as this we have to disclose to you a clear complaints policy so that in the event that you were dissatisfied with our service you could make a complaint easily and were aware of your right to pursue a complaint with the financial ombudsman service.
How do you treat my personal information?
The process of recommending a mortgage or insurance product requires us to take a large amount of personal information from you.
We treat all information with the utmost care and can only disclose it to a third party with your prior consent or where it is a legal obligation to do so.
The Data Commissioners Office requires us to adhere to strict guidelines to ensure that your personal information is safe, up to date and only kept where necessary.