Mortgage Applications MCOB 4 - Advising and Selling Standards

Question 1

Initial Disclosure Documents (IDD)

Answer 1

IDD must be given at start of meeting and must contain:

• Statement about the regulator
• Whether mortgages offered are: whole of market, from a panel of lenders or one provider only
• Which service is provided (advised/execution only)
• Whether a fee will be payable or commission received
• What cover is available under FSCS

Question 2

IDD not needed if:

Answer 2

one has already been given to the customer and information still appropriate and relevant

firm is certain that the proposed contract will NOT be an RMC

Question 3

If contacted customer by telephone, IDD must be sent:

Answer 3

within 5 business days of the call