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MCCB call to advisers over service

The Mortgage Code Compliance Board is appealing for IFAs to own up to what level of service they provide to borrowers looking for a mortgage.

The MCCB says failure by some advisers to disclose whether they were giving advice or just information to clients was the second most common breach of its rules discovered by compliance officers last year.

It says there is a tendency for intermediaries to state they are only providing information when their records show borrowers were prov-ided with advice and a recommendation on a particular mortgage.

The MCCB says the vast majority of these “procedural weaknesses” could be addressed easily if intermediaries referred to information already published under the mortgage code and MCCB Good Practice Notes.

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