John Charcol senior technical manager Ray Boulger says borrowers who take out products under non-advised sales should sign a form confirming they understand they have not been given advice.
He is concerned that people may be confused as to whether or not they have been given advice. The call comes after the regulator set out its mortgage market review proposals.
Boulger says: “With the MMR proposing that more affordability questions should be asked, including on non-advised sales, it may be necessary to make sure customers understand when they have not had advice.
“Maybe on all non-advised sales, customers should sign a short one-paragraph statement confirming that they understand they have not had advice.”