Advisers back plans for FSA mortgage suitability letters

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Mortgage advisers have given their support to FSA proposals to introduce mortgage suitability letters.

The FSA is hopeful suitability letters will raise advised sales standards, and today's feedback statement on the Mortgage Market Review shows advisers support the proposals. Suitability letters will provide better records of why specific advice is given, and bring mortgage advice into line with other areas, such as investments and pensions. However, most respondents disagreed with implementing an adviser charging model, saying robust assessments of advice standards should be sufficient to prevent commission bias. Respondents to the review also agreed lenders should take ultimate re...

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