CML gives its backing to TCF lender website

The Council of Mortgage Lenders has thrown its weight behind The TCF Lender Forum website in a bid to get the industry to embrace the Treating Customers Fairly initiative before next Saturday\'s deadline.

The site, www.tcfinfo.co.uk, was launched by a group of specialist lenders last year after their collective research showed almost half of their introducers didn’t understand how to implement TCF.

But just eight months later, some 90% of regular users say they fully understand what they need to do while 89% expect to reach the implementation stage in a substantial part of their businesses by Saturday.

This is contrary to research from other organisations suggesting that intermediaries aren’t ready for the deadline – and a clear indication that intermediaries using the services provided by the TCF Lender Forum are better prepared.

Writing in next month’s issue of Lending Strategy, CML directorgeneral Michael Coogan says: “At the CML, we believe the site has huge potential to be a central access point that could be used and supported by all mortgage lenders who distribute through intermediaries, and promoted to all intermediaries in the market.

“There are a wide range of benefits for the mortgage industry if lenders and intermediaries embrace www.tcfinfo.co.uk. Lenders, by sponsoring the site, will demonstrate to the Financial Services Authority and consumers that they are prepared to put fairness at the heart of their products and their services.

“Furthermore, intermediaries will benefit through getting better information and advice on TCF – meaning the likelihood of them veering away from the FSA’s expectations will be decreased.”

Frank Eve, managing director of Frank Eve Consulting, which manages the website, says: “Mortgage intermediaries told us they wanted a single source of TCF mortgage information, and user-friendly guides and checklists to help them meet their obligations. This is what we have given them, and it has clearly worked.

“Users can download and adapt content for free and I would urge any mortgage intermediary who is confused by TCF to visit www.tcfinfo.co.uk to get the practical help they need.”