The move follows news the FSA is in the process of questioning 500 mortgage intermediaries and that the regulator intends to expand KFIs across the rest of the financial services industry (first revealed in Mortgage Introducer - News on 5 February).
Chris Cummings, director of the Association of Mortgage Intermediaries (AMI), explained that while there was no question of a wholesale re-invention of the disclosure document many brokers were unhappy with the current make-up of KFIs.
Cummings said: “One key issue we will be looking into is that of commercial equivalent. This is where a broker’s KFI states they will earn a certain amount from arranging a mortgage, yet a KFI produced in a lender’s branch does not have to reveal this information.”
He added that once all the questionnaires had been completed the results would be presented to the FSA.
AMI will also shortly be releasing guidance notes for members on Financial Promotions and the FSA’s ‘Treating Customers Fairly’ directive.
