The guides are designed to help brokers embed TCF into their sales process ahead of the March 2007 deadline for 'implementation' of TCF.
The guides, which follow TCF Info's plain English' checklist' format, cover general sales procedures, self-certification mortgages and MPPI. All are available for downloading and adapting for in-house business use or training purposes.
TCF Info's Sales & Advice Tips and Tools section was designed in response to the Financial Services Authority's (FSA) findings on TCF weaknesses in this area - especially in relation to disclosure, suitability of advice and record keeping. It includes:
- Sales process tips - how to embed TCF into everyday sales process, with download leaflets and checklists
- TCF customer statement - example wording promoting TCF to end customers, ready for own-branding
- Record keeping checklist - an at a glance list of the records that must be kept during the sales process
- Initial Disclosure Documents (IDD) & Key Facts illustration (KFI) content checklist - an overview of the most common mistakes identified by the FSA when reviewing disclosure documents
- Fact Find checklist - to help brokers review and plug gaps in the information gathering process which may compromise TCF
- Product suitability checklist - a guide for adaptation and use by sales consultants to record why they recommend a particular product
- MPPI & self-certification case studies
Frank Eve, managing director of Frank Eve Consulting Ltd, which manages the TCF Info website, said: "Point of sale in the mortgage industry and its impact on TCF has come under close scrutiny by the FSA. The supporting lenders of TCF Info recognise the importance of helping their distributors sell customers products that are right for them and that they can understand and afford. Our latest checklists, sample questions and case studies offer intermediaries the tools to help them do this. They will be of particular use to smaller brokers who don't have the luxury of compliance and marketing department back-up and may need particular help in the run-up to the March 2007 deadline."
Colin Sanders, chief executive officer of Money Partners, a founder member of the TCF Info forum added: "It's in everyone's interests that products sold to consumers match their individual needs and circumstances. Treating customers fairly is an inherent part of this, and as we move closer towards principles-based regulation firms can expect to be judged increasingly on outcomes rather than actions. Shared information, knowledge and experience as offered through TCF Info can help brokers understand what constitutes best practice in mortgage sales."
