In particular, we welcome the fact that they are removing the filtered tier of advice and a borrower will simply receive advice or not receive advice when obtaining a mortgage. The pre application illustration, now called the key fact illustration, has also been fine tuned and it is good to see that it will only be three pages long (for a standard mortgage) and will checked by the Plain English Campaign to ensure it remains easy to understand.
On a final note the terms of business has been replaced by a standard document, the initial disclosure document, which will explain to the borrower any fees they have to pay and if they are receiving advice.
CP186 is helping to clarify the advice process and making it more transparent. With over 700 pages to read it will obviously take a while to digest but an initial scan looks very promising.
