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Non-advised mortgage sales tips
To demonstrate TCF for a non-advised sale, you’ll need to evidence to the FSA that you have controls in place to prevent sales staff:
- inadvertently offering advice to the customer
- providing information on products selectively
These controls might include:
- sales scripts designed and tested to ensure the benefits of a given product are balanced against the limitations
- sales scripts designed to ensure that one product isn’t inadvertently ‘promoted’ over and above another
- written procedures making it clear that, if asked for an opinion on the products on offer, a consultant should confirm that they cannot give advice and the decision is the customer's
- regular training/refresher courses in how to conduct a non-advised sale – with related exams/tests
- ‘lessons learned’ workshops when mistakes are made
- regular monitoring of sales consultants via file checks and telephone monitoring
- partially withheld bonuses for failure to follow telesales scripts or procedures for non-advised sales
- a balanced approach to incentives – for example rewarding in equal measure a compliant non-advised sales procedure which does not proceed to a sale and an actual sale
- records to evidence all of the above
FSA Links
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