The saying goes that there’s nothing more constant than change and in our industry big changes took place on the 15th March as the Financial Services Legislation Amendment Act kicked in, repealing the Financial Advisers Act 2008, and heralding a new era of conduct and client- care obligations for financial service providers.
The new Act sets industry-wide standards for conduct and competence for advisers and, as you might expect, the team at Mortgage Supply have been working hard to get ready for the new regime and ensure we meet our obligations to our clients as we have always done.
What does it mean to our clients?
We have always prided ourselves on providing the best care and advice we can to our clients but going forwards that advice process is more detailed, more transparent and delivered in writing.
Every adviser at Mortgage Supply will now have their disclosure document on their page on the website, and continue to disclose further through the advice process and provide their recommendations and advice in writing to their clients.
What’s in the disclosure?
As you deal with any adviser in the team you will know that they are licensed to operate under the new Act, what advice and products they are able to provide, and what they do not provide. The disclosure clearly outlines how they are paid and who their accredited product providers are. It also outlines their duties of care and obligation and clearly outlines what steps a client can take if they feel those obligation have not been met.
Further on in the client journey the disclosure continues and becomes more detailed once the adviser understands the nature of the advice being given. This advice will be pulled into a Record of Mortgage Advice which will outline clearly the advice given, why particular lending products and structures were put in place and ensuring that the advice meets the clients goals, objectives and needs.
We hope you enjoy experiencing the enhanced service proposition from The Mortgage Supply team!