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Mortgage Next alert on client call rules

Mortgage Next believes many brokers are unaware of FSA regulations on banning unsolicited real-time promotions and has published a guide on what action needs to be taken by mortgage brokers before M-Day.

The guide to managing client relationships is being offered free to all mortgage brokers. It provides helpful advice about the FSA rules and a draft letter which can be sent by brokers to their clients with a set of revised terms of business.

Mortgage Next believes many brokers are unaware they must obtain their clients&#39 express permission if they want to continue dealing with them after October 31.

FSA regulations do not allow a broker to call a client unless the broker can prove there is an existing relationship and the client is expecting to receive such calls.

Mortgage Next marketing director Justin Tomlison says, in reality, bro- kers need to get written permission immediately,if they want to continue contacting their clients after M-Day.

He also says the FSA takes the view a broker helping to arrange a mortgage for a client in the past, does not necessarily constitute an “ongoing” relationship.

Tomlinson says: “Our guide has been designed to make the subject simple to understand and the issues easy to resolve. Good client relationship management not only keeps brokers on the right side of the law, but makes sound commercial sense.”

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