 MortgageStream has claimed that mortgage firms can still instigate solutions to satisfy TCF regulations by the December deadline.
The recent FSA update revealed the worrying statistic that only 13% of mortgage firms had met the March deadline although the FSA did recognise that many firms have invested considerable time and energy. The next major TCF deadline is December and the FSA is encouraging in their belief that 80% of firms in their sample are still capable of meeting the December deadline.
Paul Holden, sales director at MortgageStream is keen to reassure any brokers yet to put systems in place that it’s not too late to find a solution. He commented: “Even though the March deadline for firms to have management information in place has passed, this should not stop brokers from getting their houses in order now. It would be easy for some firms to believe that having missed the March deadline that they cannot catch-up and this is simply not the case. |
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 A review from the Financial Services Authority has found that firms are still drafting unfair contract terms, directly going against the principle of Treating Customers Fairly.
Over half of the contracts reviewed by the FSA contained at least one variation term, which allows firms to impose changes without prior or express agreement from the customer.
The FSA has issued a report today which serves as a reminder to firms that contract terms are key to the fair treatment of customers. |
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