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Norwich Union warns loan advisers over cold-calling

The specific risk areas for mortgage intermediaries in a regulated world are lead generation, suitability and initial disclosure documents, says Norwich Union technical manager (mortgage development) John Whitehead.

Speaking at Mortgage Expo in London last week, Whitehead urged intermediaries to be aware that unsolicited calls are not allowed under the new rules. Records must indicate whether explicit consent has been given for calls to be made, with that consent ending when a client ceases to have an ongoing relationship with the intermediary.

Whitehead warned that the templates for initial disclosure documents available from sourcing systems such as Trigold and Mortgage Brain are only templates which should be adapted to fit the circumstances of each customer. He warned intermediaries to check KFIs for errors if they have come from a sourcing system as, ultimately, it is the intermediary who is responsible and liable for this information.

Mortgage Direct director Peter Gladdy reminded intermediaries that sourcing systems do not produce anything to do with insurance conduct of business rules. He said: “If an intermediary is also selling protection, Icob regulations must be taken into account from January 14. I hope sourcing systems will be ready.”


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