This week I want to introduce a clear process for arranging product transfers, which provides guidance on when you should follow a full advised sales process and in what situations a shortened process can be taken advantage of.
I have had input from a number of our advisers on this over the past couple of weeks and I believe that the revised approach that we are taking creates a good balance between providing the usual robust process for new customers to the network or customers whose circumstances allow for a market comparison and a reduced process for customers who need to take advantage of transitional arrangements where their circumstances do not permit or make feasible any alternative choice.
This can be found on the Document Library, Sales Process section. In summary, where the original mortgage was not arranged by your firm or where the customer wishes (and is able) to have a market comparison against the deal offered by their existing lender, then the usual full advised sales process would be carried out. This includes a fact find, the collection of documents, verification of income/expenditure and presenting evidence of research. For all other product transfers a minimised process that does not require collection of evidence of income or outgoings can be adopted*. This reduced process does still have some specific elements, which will be evidenced through the customer record on the Key, so please check the document for full details. (*subject to the lender’s own requirements.)
In recent weeks we have introduced a variety of new forms and you should now be familiar with these. Check back over previous updates if you have missed any, but to recap, they include:
- Disclosure Document
- Customer Declaration
- Buy to Let Declaration
- Protection Disclaimer Declarations
Thanks for all the positive feedback and suggestions for other improvements and special thanks to all those advisers who have supported the design process. Keep an eye out on future weekly updates for more developments.
Finally, I am happy to say that I will be attending the network conference on the 9th November and I am excited to have the opportunity to present to network members for the first time. I will be talking to you about the Mortgage Credit Directive and how the new rules (effective March 2016) will impact on you and the way you do business as well as other changes on the regulatory radar. Also on my agenda will be an introduction to a new T&C scheme for the network and a sales process for Equity Release advisers. I hope to see you there.
