Amy Kadir - How the Consumer Duty affects mortgage customers

Thursday 13 July, 2023

The Financial Conduct Authority (FCA) will introduce the Consumer Duty from 31^st July 2023.   It sets higher expectations on how we support our retail customers, including any prospective and existing mortgage customers.  

According to the FCA Cinsumer Duty information: ‘our new duty sets higher and clearer standards of protection across financial services and requires firms to put their customers’ needs first.’

Amy Kadir, mortgage broker in St Albans, Hertfordshire said:

‘All our mortgage customers will be covered by the new Consumer Duty regulations. We always strive to put our mortgage customer interests first and deliver the highest standard of care and service whenever we deal with a mortgage enquiry.  Lonsdale Services core values of integrity, reliability and always offering fair value to all customers are key considerations when we offer mortgage advice.  All members of our mortgage broking team in St Albans, Lichfield and Chippenham are completing their Consumer Duty training so they are prepared for the new regulations.  We have new Consumer Duty posters in our offices so any customers coming in for a mortgage review can see the key principles of the Consumer Duty (see above). These regulations are intended to ensure better standards of service for all customers, but especially customers living in vulnerable circumstances.  I am part of our Vulnerable Clients group that meets every six months to provide guidance to our independent financial advisers and mortgage brokers. In 2021 Lonsdale Services won the Best Adviser firm for Vulnerable Client Care at the National Professional Adviser Awards so our mortgage advisors are well placed to serve mortgage customers living in vulnerable circumstances.’

Amy Kadir, mortgage broker in St Albans, Hertfordshire continued:

‘As part of our preparation for the new Consumer Duty we have produced a new Mortgage Brochure to provide information for first time buyers and other customers, so they can easily understand all the key mortgage information and make informed mortgage decisions.  Our mortgage advisors make sure that whenever they offer mortgage advice our customers understand why we recommend certain products.  We will always review our customers circumstances before offering mortgage advice and it is vital that our customers completely understand the reasons for our mortgage advice before signing up for any new mortgage products.  We always ask questions to ensure customers understand our mortgage advice whenever we have face to face and online meetings or speak to customers over the phone.  We have a google 5* rating for our mortgage advice service and we are grateful that so many of our customers are happy to provide google reviews.  Going forward we will also be asking for more informal feedback from clients following their mortgage consultation meetings.  If you have any questions about how the Consumer Duty affects the mortgage advice you receive, please speak to your local Lonsdale mortgage broker.’ 

For more information read:

Simon Hawker, IFA - Lonsdale Services voted in the Top 100 UK Financial Advisers
Lonsdale Services win 2021 Professor Adviser Award for vulnerable client care

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up the mortgage repayments. 

Latest News Next Article Previous Article