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‘Consistency is needed for key features illustrations’

Key features illustrations need to be more consistent as they vary wildly in length, says Alexander Hall chief operating officer Andy Pratt.

n the second week of mortgage regulation, the London mortgage adviser says KFIs have been varying in length from six pages to 13.

Pratt has been impressed by the KFI from Abbey, which stands at an average of six pages. Bristol & West’s KFI is four pages long, while Mortgages plc’s is between six and seven. The Halifax KFI is 11 pages.

Pratt says Abbey’s KFI is successful in terms of length because it has chosen to include only information relevant to the mortgage.

He says: “It does not matter if they are 10 pages long but why can’t they all be 10 pages long?”

FSA spokesman Robin Gordon-Walker says: “The reason why they vary so much in length is because they reflect the complexity of mortgages. There are no plans for the FSA to revisit KFIs, except in the much longer term.”

AM Ruthven & Asso-ciates director Alex Ruth-ven says the guidelines from the FSA are only guidelines and so are open to interpretation. He says: “In sales-only situations,a client could be given three or four KFIs and asked to go through them. The chances are that the client may be convinced to choose a mortgage by the way the KFI is set out.”


Multi-ties are a step back to the bad old days

Nick Bamford hits the nail right on the head when he writes that the multi-tie proposition is all about maximising commission and narrowing the scope of advice given by people who will have become little more than pseudo advisers. As true IFAs, more and more of the advice that we provide is based on what […]

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