No FactFind/ Suitability Report

Alice1988

How bad is it to not receive a copy of a factfind or suitability report when applying for a mortgage? (When queried after completion copies where sent with the ”right” date on and was told it was an admin error- they were on file but hadn’t been emailed over).

ACG

Its not great, but there is no regulatory requirement for a broker or customer to have either for mortgages. A Suitability letter is only a requirement for insurance.

There is a requirement for "Know your customer" but that could be someone writing some notes on a scrap of paper, writing a biography on you or as is common, a factfind.

dunstonh

How bad is it to not receive a copy of a factfind or suitability report when applying for a mortgage?

Factfinds are not required to be issued. Most firms don't issue them unless requested. Theoretically, there is no factfind requirement either. Know your client doesnt mean you have to have a factfind. You could have a collection of different documents that could meet that criteria.

Suitability reports are not issued with mortgages. There is no regulatory requirement for a suit report. Instead, they have a closure letter requirement.