My first piece of research was with the CML website where I came across a terrific and useful link: www.tcfinfo.co.uk/mepasite/62/Home.aspx This website and checklist was compiled by seven founder lenders and believe it or not was one of the most easily read factual pages I have come across in a long time.
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I quickly found out that TCF covers many elements of the mortgage process including promotional material, the advice and sales process, client contact information, complaint handling, TCF training and awareness, remuneration and incentives, management information and product understanding
As a medium sized mortgage brokerage we found, with a sigh of relief, that there was NO additional cost to the business as we already had in place the correct mix of people, process and technology allowing us to provide to clients the appropriate advice and record keeping that the FSA suggested, covering all of the above points.
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However, I’m in no doubt that there will be some additional cost attached to the smaller business’s out there as they may need to make changes in technology, record keeping and may see an increased cost in compliance.
In summary the link shown above is a great user friendly tool that will soon point out what needs to be done and will allow you to get an idea of how much it will all cost. I hope you find it useful.
Darren Pescod
Managing Director, The Mortgage Broker Ltd
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