The tool supports compliance to the new regulation
Moneyfacts has announced that its Consumer Duty audit tool for mortgages is now available to support compliance with the new regulation.
The new Moneyfacts Consumer Duty audit tool provides a product level view of residential mortgage products, and summary of the market to enable ongoing fair value benchmarking, filtering, and review of the product portfolio.
The launch of the new Consumer Duty tool follows the introduction of the Moneyfacts Consumer audit tool for savings last June.
“Following the unprecedented demand for the Moneyfacts Consumer Audit tool for savings and conversations we have had with banks and building societies, we know there is already high demand for the mortgages version of the Moneyfacts Consumer Duty audit tool,” John Woods, founder and executive chairman at Moneyfacts, stated in an update announcing the launch of the new tool.
Moneyfacts Group is the UK’s leading provider of retail financial product data, which is used by many banks and building societies, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance. Its research team also monitors thousands of mortgages, savings, credit card, personal loan, business banking, life, pension, and investment products in the UK.
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