FSA in consultation with lenders to discuss KFIs

This follows the launch of Mortgage Introducer’s ‘Get The Facts Straight’ campaign, which is lobbying the FSA to introduce a standardised KFI.

At the Council of Mortgage Lenders (CML) Annual Conference, held today, Clive Briault, managing director of retail markets at the FSA, said the regulator has begun looking at the product disclosure documentation being produced by the market. It will use mystery shopping to establish whether consumers have access to the documents at the right time.

Briault also told the audience that ‘less is more’ when it comes to KFIs – amid concerns that some lenders’ KFIs are as long as 14 to 15 pages long.

One source also told Mortgage Introducer that the FSA has been in talks with the top five UK lenders to discuss KFIs.

To lend your support to our ‘Get The Facts Straight’ campaign email Dippy Singh at [email protected]