FCA to publish good and poor practices of mortgage advisers

The Financial Conduct Authority will be reviewing mortgage advice firms and will publish the good and poor practices it sees.

In a letter sent to chief executives yesterday (January 3o), the regulator said it would be carrying out supervisory work on mortgage intermediaries over the next two years.

This included reviewing whether sufficient assessment of customer circumstances is being carried out, and whether the advice being given is suitable.

It also said it would assess to which extent firms were ensuring customers understand the products available to them.

As well as, reviewing the “adequacy of firms’ systems and controls, and quality assurance procedures to ensure there is consistency in the advice given and appropriate oversight to mitigate risks of harm.”