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FSA probes 500 mortgage firms over KFIs

The FSA is asking 500 mortgage intermediaries how they use key facts illustrations in a move to cut the regulatory burden and extend KFIs to investment products.

It is conducting research among firms to find out what type of key facts information is being used in the sales process. At the same time, it has drawn up a four-page document that investment intermediaries could use.

The move is part of the FSA’s “less is more attitude”.

AMI director Chris Cum-mings says that the FSA wants to see if there is a black hole in its supervision of KFIs because it does not have a clear picture as to whether intermediaries are producing their own documents or using documents from sourcing systems.

Cummings says: “The questionnaire will hopefully give a better picture of how intermediaries are using KFIs.”

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