Special Official Note For Mortgage Brokers

Fairdo_2

Just changed my signature before seeing this thread.

I'm definately up for making it standard.

dunstonh

ctabuk, I would eliminate that last bit. The FSA have no involvement in providing anyone with contact details to find an adviser. Also to be a mortgage adviser, you have to be FSA authorised. If you start saying you are FSA authorised, then you really ought to be putting down full disclosure and using real contact details.

MM - I know what you mean. Mortgages a bit like savings accounts in that respect. With investment class business if you ask me what is the best fund supermarket, my answer would be different depending on the needs of the person and the amounts being invested. With mortgages, you dont get that sort of variation. Although you would still have to be careful how you word your response if you do mention a provider.

How many times have ween seen posters respond to answers given to their questions saying "thank you for your advice". It doesnt matter whether its an adviser or an individual but some people do act on what they read on these forums. Whether it is right or wrong.

I think a nice clean disclosure message is all that is needed and a request that advisers do act with a duty of care when posting not to provide advice and if necessary point out that it isnt advice if someone uses the word "advice" in their post on an area that is regulated.

payless

I think the "Your home may be repossessed if you do not keep up repayments on your mortgage " should stay OR but included somewhere on the actual mse page.

The regulatory bit is actually a hard subject because many advisers ( and their firms ) aren't actually FSA authorised themselves, rather FSA exempt being a representative of a FSA regulated firm- and once you get into whats required will lead to different answers from different "compliance / networks).

ctabuk

OK Now? Cheers david

AndrewSmith

I'm going to stick with this one, my compliance guy has said it's ok as long as I do not give any specific detailed advice. He reakons that as soon as we start to mention 'whole market, fees free, independant (in the context of mortgages) then it could be deemed as a 'financial promotion' under the FSA advertising guidelines and, as such, would need to be authorised and agreed as such.

What do you think?

MortgageMamma

ctabuk wrote:

I goofed yesterday and I apologise, is mine OK now? Thanks David

Welcome David, I see you are quite new to the forums.

Lisa

MortgageMamma

Yes Andrew I agree with what you are saying. At the end of the day if someone really wants to know if you are whole of market they will ask you, so no need to include it in signature. But why have you removed the "click on my name to see my regulatory details" bit

herbiesjp

How about short and sweet like this one below?

AndrewSmith

All I want is the minimum information in the signature that is compliant and fulfills the requirements of the board and it's rules.

There is no benefit or need to ask someone to click my name etc as my regulatory details do not come into play unless I give specific advice or my signature is deemed as a 'financial promotion' under FSA rules, which I don't and will not do.

My signature in it's current form is the safest way of portraying the required information without any hint of either self promotion or 'financial promotion'. Especially as, according to my compliance dept, the FSA are now getting quite hot on information given out in web forums and those using them. It's one of the reasons I have not been posting so much lately.

AndrewSmith

MortgageMamma wrote:

Welcome David, I see you are quite new to the forums.

Lisa

Err no, he's been around since June 2005 :rotfl: