Empowering clients through responsible mortgage and protection advice
As of 31st July 2023, the new FCA (Financial Conduct Authority) regulations took effect. These new regulations revolve around promoting fair and responsible lending practices while ensuring the wellbeing and protection of consumers.
As mortgage and protection advisers, we understand the importance of adhering to Consumer Duty practices and going above and beyond to support and safeguard our clients. We are committed to putting you, our clients first, and this remains at the heart of everything we do.
Here’s how we ensure that Consumer Duty practices are at the forefront of our service:
1. Education and Information
Empowering you to make informed decisions starts with knowledge. We provide you with comprehensive educational resources, breaking down the jargon, and ensuring you gain a good understanding of the diverse mortgage products available, their features and benefits along with potential risks. By presenting clear and transparent information about fees, interest rates, and repayment terms, we aim to help you make well-informed decisions.
2. Responsible Lending
Your wellbeing is our priority, and that includes safeguarding you from unsustainable debt. Our enhanced affordability assessments consider various factors, including income, commitments, and credit history. By conducting thorough evaluations, we ensure you can comfortably manage your mortgage payments with the least strain on your finances possible.
3. Product Suitability
One size does not fit all when it comes to mortgages. We recognise that every client’s circumstances are unique, and we tailor our mortgage recommendations accordingly. Our goal is to avoid foreseeable harm by never suggesting products that are unsuitable to your circumstances.
4. Disclosure and Transparency
Transparency builds trust. We are upfront about our role and potential conflicts of interest, ensuring you are fully aware of any commissions or incentives we may receive from all parties. Our commitment to transparency is fundamental to our professional integrity.
5. Continuing Education
The mortgage market is constantly evolving, with new regulations and best practices emerging regularly. At Henry Dannell, we make it a priority to keep you informed about the latest industry developments.
6. Complaint Resolution
Communication is the key to resolving issues. We have a clear and accessible process for handling client complaints or concerns. You can trust that your grievances will be addressed efficiently and effectively.
7. Ethical Practices
Ethics is the cornerstone of our business. We hold ourselves to high ethical standards when dealing with clients, lenders, and all parties involved in the mortgage and protection process. Our commitment to ethical practices ensures that your interests are always prioritised.
8. Data Protection
Safeguarding client data and privacy is a non-negotiable responsibility. We strictly adhere to relevant data protection regulations and employ secure channels for communication and storage of sensitive information. You can trust that your personal information is in safe hands.
9. Stress Testing and Future Scenarios
Preparation is key to financial stability. We engage in open conversations with you about potential future scenarios, such as interest rate fluctuations or life events that may impact your ability to repay your mortgage. Stress testing allows you to assess your financial resilience and plan for reasonably anticipated eventualities and this will form part of our advice.
10. Support in Difficult Times
Life is unpredictable, and challenges can arise unexpectedly. During such difficult times, we will stand by you, offering empathy and support. We present options and strategies to manage payment challenges, ensuring you have the resources you need to navigate tough circumstances.
Overall, Consumer Duty is about creating a fair and transparent environment where consumers are well-informed, protected from harmful practices, and treated with respect and integrity throughout the mortgage process.
At Henry Dannell, our clients can rest assured that their financial wellbeing is in the hands of dedicated professionals who prioritise their best interests above all else.
For more information on Consumer Duty and how this may impact you, or to discuss your mortgage needs, please feel free to get in touch with our expert advisers.
Please note: a mortgage is secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
