Sticking to the KFI rules is tough in a volatile market

In current market conditions I foresee a problem with meeting the Financial Services Authority\'s requirement that all clients must receive fully compliant Key Facts Illustrations prior to completing applications.

Last week I visited three clients and spoke to at least two others looking for remortgage deals at the end of their fixed rates.

In four of these cases, I recommended offers from the clients’ existing lenders but all these rates were withdrawn without notice.

Another client rang me looking for a buy-to-let mortgage and I sourced two suitable products, both of which were pulled by the end of the day.

So having found suitable deals for clients and made appointments to present KFIs, it is likely products will not be available by the time applications are completed.

The only solution is to find a deal and complete an application immediately, then provide the KFI to the client. But what would the FSA think of that? Do I treat customers fairly or the FSA?

Bob Bull
Proprietor Robert Bull Mortgage Adviser
By email