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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.”

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