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FSA calls for reduction in KFI length

The FSA is calling for a reduction in the length of KFIs in a letter sent to mortgage lenders this week.
The move coincides with a factsheet the regulator will also send out to brokers covering concerns about the accuracy of initial disclosure documents.
FSA spokesman Robin Gordon Walker says some KFIs are longer than they need to be with many lenders including extra information that does not have to appear.
Gordon Walker says guidelines for the documents are very specific and this communication will mean lenders can improve KFIs by sticking rigidly to the information required by the regulator. But the guidance falls short of setting out a template KFI.
This action follows an FSA review of KFIs after pressure from the industry.
Gordon Walker says: “The object of the exercise is to help brokers and lenders get it right. There has been an issue on length and quality of some KFIs we have seen, with documents running longer than they have to because they include information that is not needed.”


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