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Sales and Advice

Record keeping - point of sale

In order to evidence that TCF was implemented at the point of sale you’ll need to keep records showing that:

  • the sales consultant fully understood the features and risks of the product
  • the customer fully understood the features and risks of the product
  • the product was suitable for the customer and they could afford it for the expected length of the mortgage (including accounting for possible interest rate rises)
  • the product recommended was the most suitable from the available options (advised sales) – ie the reasons for the recommendation
  • the customer received the right disclosure documents at the right times, and these were clear, complete and correct
  • for non-advised sales no advice was given and the customer understood they were receiving information only
  • where relevant, the customer understood that there was no obligation to buy any associated product
  • the customer understood how they were paying for the product or service, and the cost
  • the customer understood whether the product was chosen from one provider’s range, a limited range of providers or from the whole market

Under MCOB rules you need to keep these records for at least three years after the mortgage sale.

Choose from the left-hand menu to view and download checklists that you can adapt and use for part of your sales process.

 

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