Tony Capon, Head of Intermediary Mortgages at The Derbyshire, said: “We recognise that for many, preparing for regulation has been onerous and the costs of compliance will be high, but we believe this is a fair price to pay for regaining consumer trust in our industry. M-Day is all about making the marketplace a fairer place for consumers and stamping out unfair practice. We should look forward to regulation continuing to build the reputation of our industry and providing the consumer with more rigorous protection and professional service.”
“The KFI will become a valuable tool of the trade for intermediaries, as they will be able to compare products on a like for like basis.”
The Derbyshire will be trying to make it as easy as possible for intermediaries to provide KFIs to their customers by making ‘penny accurate’ KFIs available from its dedicated intermediary website: www.is.thederbyshire.co.uk/e-kfi. No pre-registration or passwords are required to use this service. For more complex KFI’s including further advances and ‘ported’ products brokers can call 0845 607 5050 or email [email protected]
From 31 October 2004 it will only accept mortgage cases from FSA regulated mortgage intermediaries. New application forms and submission sheets are available from its website in a downloadable pdf format.
