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
Back