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FSA finally calls for shorter KFIs

The FSA is calling for shorter key facts illustrations in a letter sent to mortgage lenders this week and is also outlin- ing its concerns about the accuracy of initial disclosure documents.

Spokesman Robin Gordon-Walker says some KFIs are longer than they need to be with many advisers including extra information that does not have to appear.

Gordon-Walker says guidelines for the documents are specific and this communication will mean advisers can improve KFIs by sticking rigidly to the information required by the regulator but the guidance falls short of setting out a template.

This action follows a review of KFIs after pressure from the industry.

Gordon-Walker says: “There has been an issue on length and quality of some KFIs we have seen, with documents running longer than they have to be.”

Mortgage Broking Services development director Neil Armitage says: “The FSA should have been more prescriptive from the start.”


Strength in adversity

It was not long ago that anyone with an adverse credit record was thrown into the financial wilderness because mainstream lenders did not cater for them.

Webline announces deal with Avail

Webline has announced an agreement with Avail, the specialist suitability software provider to launch an integrated service for the portals users.Advisers will now be able to generate client specific suitability letters, demands and needs statements and mortgage confirmation letters, all personalised for the client within the portal.The facility is available on a 30 day free […]

Spelling out

The Government is being called on to publish the full pension simplification rules and end the uncertainty that is stifling planning by the industry, says Xansa head of financial services James Doyle.


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