Notes to Editors (1/2)
TCF Info Intermediary Market Research – overview
The TCF Info lender forum undertook market research with over 330 mortgage intermediaries in January 2006 into their concerns about TCF and their possible interest in a website to help them with TCF. The response rate was around 22%.
Key findings were:
- 53% didn’t know or were not sure how to implement TCF
- 34% didn’t know about FSA checks regarding TCF
- 43% wouldn’t know how or wouldn’t be sure how to demonstrate they were implementing TCF if asked
- 93% supported the idea of a website on TCF dedicated to mortgage intermediaries
- almost 20% were very concerned about TCF
- a further 64% slightly concerned or quite concerned
Comments from brokers included:
- I need to know about TCF in simple terms
- I need to be sure our interpretation is correct and in line with the FSA’s
- I need to know what records I need to keep/how to keep records
- I need to know exactly what I need to do on a day to day basis
- I need to know how to monitor advisers
- I need to be sure I know everything and am kept up to date
- I need more support from lenders to help me implement TCF
- I need to know how to get the point across to staff – management may understand but staff may not
- Lack of effective communication from FSA on TCF
- How do I document that I’m treating customers fairly?
- Will it really stop all bad practice, such as charging high fees and keeping the commission in the case of non-standard requirements?
- Competitive disadvantage vs secured loans which don’t come under TCF
- Expect my national IFA network to advise me on TCF
- I’m concerned that I may carry out TCF but this not backed up by major companies
- Great idea – hope to see it soon!
The research further revealed strong support for a website, and for checklists and other tools to help intermediaries implement TCF.
Frank Eve consulting Limited
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