This follows the announcement last month that the lender was treating all its pre-regulation mortgage contracts as regulated to help brokers prove their compliance procedures to the Financial Services Authority (FSA).
Accord Mortgages has placed all its existing borrower transfer products onto sourcing systems to help in the transition.
Linda Will, managing director at Accord, said: “We’ve put our products onto the sourcing system so brokers can obtain a Key Facts Illustration (KFI) and then amend it to its pre-regulated state so it doesn’t have the word ‘KFI’ or ‘regulated by the FSA’. This is an interim document while we change our systems, but it gives the broker the information so they can decide what to do next for their client and also remain FSA compliant.”
Accord’s move allows brokers to source the KFI but not treat it as one; rather as an information tool when deciding what is best for their client.
Will believed this was a positive move for brokers and for the lender’s image.
She said: “What we did before looked a bit amateurish but now this is a step in the right direction and it will be a big help to our intermediaries.”
Jonathan Cornell, technical director of Hamptons International Mortgages, said it was a positive move but warned about intermediary confusion. “It’s good news it is putting these products onto sourcing systems. However, it may be confusing for brokers. Accord will need to ensure that it’s easy to work out as retention products.”
