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AMI issues guidance on retention

The Association of Mortgage Intermediaries has launched a factsheet to help members deal with the issues around retention business.

The factsheet covers compliance issues when reviewing existing mortgage arrangements and additional issues that will be raised where a client has an existing unregulated mortgage.

AMI associate director Rob Griffiths says: “As a growing number of lenders offer increasingly competitive deals to existing customers, mortgage intermediaries may be recommending their clients to stay with their existing lender more frequently.

“The factsheet is designed to help members and highlight some of the compliance issues that may be raised while dealing with retention business.

“The key point to remember is that if an intermediary is approached by a client with a view to reviewing existing mortgage arrangements, such a review is likely to fall into the definition of advising.

“This is regardless of whether or not the outcome of the review is a recommendation to move either product or lender. Intermediaries must ensure they follow FSA rules for these activities including an assessment of the suitability of the retention product comparing it with the rest of the mortgage products available within the firm’s scope of service.”


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