Special Official Note For Mortgage Brokers

herbiesjp

SOunds good

dunstonh

People OK with that?

Not really. I was told to put the warning on mine after a review with the PIA. I would rather go on the guidance I got then from the people that matter.

I think this whole thing has been overblown and got out of hand. Its just a simple sig at the bottom of the posts to protect our backsides. Its not a financial promotion, its not advertising. Its just stating which side of the fence we sit on and that comments are not advice but discussion.

If you are trying to remove the bad sorts that PM people, then a ruling on signatures isnt going to change that because they aren't the sort that post on the forums anyway.

Identification of job and link to company website allowed in profile

As soon as you do that you need the compliance warnings.

MortgageMamma

dunstonh wrote:

Not really. I was told to put the warning on mine after a review with the PIA. I would rather go on the guidance I got then from the people that matter.

I think this whole thing has been overblown and got out of hand. Its just a simple sig at the bottom of the posts to protect our backsides. Its not a financial promotion, its not advertising. Its just stating which side of the fence we sit on and that comments are not advice but discussion.

If you are trying to remove the bad sorts that PM people, then a ruling on signatures isnt going to change that because they aren't the sort that post on the forums anyway.

As soon as you do that you need the compliance warnings.

Why don't those that are concerned about FSA investigations just remove the linking of business websites then? problem solved.

payless

Identification of job and link to company website allowed in profile ......
As soon as you do that you need the compliance warnings.

on the website its linked to surely.. and would hope thats there already

payless

Not really. I was told to put the warning on mine after a review with the PIA

But the FSA took over late 2001 .. these boards have not been up that long

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Remember also the rules relating to disclosure for mortgage and insurance services may not be as rigorous .. for example , in most cases no disclosures required on basic business cards or very basic adverts ( ie Joe Bloggs.. Mortgage adviser) MCOB 3.2.5R http://www.fsa.gov.uk/Pages/Doing/Regulated/Promo/mgi/exemptions/index.shtml

MortgageMamma

The only way to resolve this is to actually ASK the FSA.

payless

Generally they refer you to the section of the handbook

Of course for those that are ARs its the "host principal" that needs to comment

dunstonh

Ok, just to muddy the waters a little bit, I was just reading up on the disclosure requirements as I need to order some new business cards for a new adviser and a revised letterhead for a second office. It appears that a load of the "old" disclosure rules have changed (changes dated Aug 06) and apart from TCF being mentioned just about everywhere as reasons why this and that, it does appear that there is less need for the old full disclosure messages on anything other than letterheads.

With the exception of letters (including Direct Offer) you are not required to name either your network or the FSA on your promotional material. If you wish to mention the network, you can do so using a shortened version of the regulatory statement.

Again it refers to promotional material but if it isnt needed on that, then it certainly wont be needed on here.

It is not acceptable to use FSA in place of Financial Services Authority in the regulatory statement, but you may use the shortened form (FSA) in any text following the disclosure in full, e.g. ‘The FSA do not regulate some forms of Mortgage’, as per the Non-Regulated Products guidance below.

So, anyone mentioning FSA needs to be sure they are using it in the correct manner.

It is not acceptable to assume that the reader will be aware of a product’s classification, within a list of products or services.

so if you do start getting into specifics, be careful there.

silvercar

Now look at the thread "I want a whole of market advisor who won't charge me" here

http://forums.moneysavingexpert.com/showthread.html?t=266318

and judge which comments are offering generic advice and which are subtely touting for business and where you draw the line.

I accept that the OP is asking to be contacted and indeed specifically says so in a post on the thread.

dunstonh

Its an FSA mystery shopper