Tony Capon, head of intermediary mortgages at The Derbyshire, says: “We recognise that for many, preparing for regulation has been onerous and the costs of compliance will be high, but we believe this is a fair price to pay for regaining consumer trust in our industry.
“M-Day is all about making the marketplace a fairer place for consumers and stamping out unfair practice. We should look forward to regulation continuing to build the reputation of our industry and providing the consumer with more rigorous protection and professional service.
“The KFI will become a valuable tool of the trade for intermediaries, as they will be able to compare products on a like for like basis.”
The Derbyshire will be making 'penny accurate' KFIs available from its dedicated intermediary website. From October 31, The Derbyshire will only accept mortgage cases from FSA regulated mortgage intermediaries. Application forms and submission sheets are available from the website in downloadable pdf format.