FSA confusion over TCF and direct deals


The FSA appears to be uncertain about the TCF implications of mortgage brokers no longer being able to access the best deals in the marketplace.

Numerous brokers have contacted IFAonline.co.uk because of confusion over regulatory requirements cause by lenders withdrawing from the intermediary market. As many lenders have either withdrawn their intermediary ranges or hiked prices on products, many brokers are unsure of how they can comply with Treating Customers Fairly (TCF) rules in light of the changing market. The changes mean many direct deals, sold through bank and building society branches, are now the most competitive in the market. However, brokers are unsure whether to send their clients to these lenders as they cannot pro...

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