Financial Affairs Authorities states that the selling of pressure, excessive fees, and advice will be important to monitor mortgage brokers in the next two years.
The city watchdog wrote in a dear CEO letter on January 30, saying that comprehensive work is described as “embedding a consumer obligation guideline”. 
He says he wants a place where he can see the prosperous advice market and make a decision based on information about products that meet the needs.
The body states that the economic change in recent years “has brought sector issues.”
“With the rise in interest rates, some borrowers are increasingly concerned about paying for affordable prices when removing new mortgages or switching lenders.”
In the first billing market, “companies need to provide appropriate information to make effective decisions in consideration of customer personal and financial status and financial goals.
“This includes investigating the preferences described by customers and investigating trading off with people who express inconsistent or inconsistent needs.”
The second billing market warns that “some companies have seen companies that cannot consider whether loans suitable for financial difficulties are appropriate.”
Add the body as follows. “It is possible to recommend products without considering the costs related to the increase in the repayment period, and it may be harmful for customers to secure their debt.”
In the lifetime market, “If the customer has a more complex financial situation, companies need to ensure the appropriate process to evaluate needs and situations and to identify and consider the characteristics of vulnerabilities.”
Watchdogs have warned that conflicts of interest can promote corporate high -pressure sales culture.
“Recent supervision work has shown that some companies have led the sales target, and advisors are encouraged to sell products that attract higher commissions or fees.
“Payment methods for sales staff can promote Missler and product bias if the competition is not properly managed.”
“Companies need to regularly consider whether the incentive scheme operated by the appointed representative may prevent staff and companies from acting for the best benefits of customers.” I am advising.
The body says that the company has seen the best practices that have completed the “overall review” of the charges charged for the cost, product or service fee for or discarded.
However, “I have seen examples of approaches that are rarely considered, and reminds the company that only the benchmarks for competitors are not progressing sufficiently.”
Regulatory authorities have stated that marketing materials should be characterized by the risk of loan that is “noticeable” to “stands out along with the promoted profits.”
“If you promote more complex products, such as the second charging or lifetime product, if the promotion is not balanced with a specific product, the risk is high if you promote more complex products.
“Companies should not abuse consumer behavior biases, but communication needs to be designed in a way to avoid foreseeable harm and AIDS consumer understanding.”
Representative appointed during dormant
Watchdogs say to major companies as follows: “If the appointed representative has not continued to be regulated, it is necessary to end the relationship and to submit the” appointed representative -dismissal “form to the Company.
“This will reduce the risk that the appointed representative may use the” Hello effect “that is listed in the financial service registration book in order to promote purely non -regulated activities. 。 ”
The regulatory authorities continue to conduct market research, stating that “the results of this work will be shared by disclosing good and poor practices.”
“Morganash's management director's management director Andrew Gther said,” Watchdog's latest dear CEO's letter is “again calling for brokers and whether the client is satisfied with the standards provided by the client. Make sure you meet your needs, characteristics, and financial goals.
“But if you really don't know who the customer is and which proportions have the characteristics of vulnerabilities, achieving this may also prove that consumer obligations are satisfied. you can't.”
GHINES is added as follows: “This is one of the biggest tasks in all fields of financial services, and one of the largest dissatisfactions of regulatory authorities is not a secret.
“Recent CII reports are identifying, categorized, and reduced potential harm, regardless of the examination of the Financial Affairs Bureau's Director of Director, or a wide market survey of regulatory authorities. I am struggling.
“Future customer reviews from the financial behavior authorities may continue this theme because we have investigated the method of implementing customer vulnerability management for more than 2024.”
