Teachers Building Society will only service mortgage customers on a direct business basis after problems with arranging its compliant KFI.
The building society has received a number of phone calls from intermediaries asking if it can provide a KFI. But due to problems in creating it with features such as displaying fees, it has decided not to deal with intermediaries for the foreseeable future. It has asked sourcing systems to update their data accordingly.
Customers will as a result be sent KFIs directly. Teachers BS believes it will not reestablish a connection with the intermediary market for at least a few months.
Teachers Building Society marketing manager Mike Hislop says: “Dealing with intermediaries makes up a small percentage of our business. With the current regulatory requirements, we decided not to deal with them. “