www . simplybizmortgages . co . uk 11
Paul Bruns
Compliance Director SimplyBiz
July 31st 2023 was a significant date in the diary for mortgage firms as it was the deadline for the introduction of the Consumer Duty . However , it is important to remember that this date signifies the start of our responsibilities , not just the end of a significant program of work . A month prior to this deadline the FCA published a list of 10 questions for firms to ask themselves in relation to the Consumer Duty to ensure that they were prepared and compliant . We feel that these questions are important and have discussed these below , providing practical guidance and signposting support where available .
Are you satisfied your products and services are well designed to meet the needs of consumers in the target market , and perform as expected ? What testing has been conducted ?
As a mortgage firm it ’ s important you have established a clearly defined target market for each service that you provide , including consideration of any client segments your firm targets with a particular service or any negative target market . A very simple example is that for a residential mortgage the service would be targeted at new or existing customers looking to purchase or re-mortgage their residential property . It would then be expected that the service provided would be inclusive and designed for those consumers and that they don ’ t fall within the limitations of your mortgage advice service .