It aims to lobby the FSA for changes to the document so that Key Facts Illustrations (KFIs) are standardised in order for your clients to compare products quickly and easily - the regulator’s initial aim for these documents.
‘Get The Facts Straight’ already has the backing of influential players in the market.
The Association of Mortgage Intermediaries (AMI) said it shared our objective and would be ‘walking down the same route’ concerning this issue.
Robin Gordon-Walker, spokesman at the FSA, said: “We’re interested in this camapaign as part of the ongoing debate about how to make KFIs as effective as possible. Having KFIs going into double figures was not what was intended.”
Sally Laker, managing director of Mortgage Intelligence, said: “It would be a great help to consumers if Key Facts were key facts and there could be an agreed formula that lenders could adhere to.”
But it is brokers who have conveyed the strongest support and believe that the campaign is crucial.
John Stewart, director of PMI Independent Financial Advisers, said: “We need consistency in these KFIs. This campaign is a bloody good idea and it will get a lot of backing from brokers.
“The regulator and lenders must realise that consumers won’t read these documents if they are too long.”
Lend your support to ‘Get The Facts Straight’
If you would like to lend your support to our campaign to get a standardised KFI introduced e-mail Dippy Singh at: [email protected]
We would also like to know the longest length KFI you have handed to a client since regulation started. Who was the lender and how many pages was the document?
