A website designed to support intermediaries in treating customers fairly has published mortgage payment protection insurance guides and checklists which brokers can download and use in their business.
The site, tcfinfo.co.uk, designed has a tips and tools section is designed to help brokers avoid unfair practice when selling MPPI by ensuring they ask appropriate questions regarding suitability, affordability, demands and needs at the point of sale, as well as drawing attention to policy limitations.
The content includes an example eligibility questionnaire, checklists for advised and non-advised sales, example disclosure statements and a range of other sales tips.
Frank Eve, managing director of Frank Eve Consulting, which manages the tcfinfo.co.uk, says: Sales practices surrounding MPPI continue to come under close scrutiny from the Financial Services Authority – with particular concern about the number of unsuitable and unaffordable policies being sold.
This is clearly an area that firms struggle with. This latest content offers practical help to enable brokers to tackle this issue.”
The website is supported by eight lenders – Money Partners, Rooftop Mortgages, Freedom Lending, GE Money Home Lending, Preferred Mortgages, Southern Pacific Mortgage, Platform and Future Mortgages.
Alison Beech, director of business development at Rooftop Mortgages, says: The ethos of the Treating Customers Fairly programme is a central tenet of the Rooftop Mortgages business model.
We are delighted, together with the other seven supporting lenders, to be attention the heart of the tcfinfo.co.uk initiative in assisting our intermediary partners quality driven sales practices.
Intermediaries are reminded on the website that guides are TCF support tools only, and are encouraged to check the detailed requirements with the FSA.