CML welcomes lender standards feedback
Thursday, August 11, 2005
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The Financial Service Authority (FSA) carried out a "mystery shopper" survey to ensure that good practice is being conducted within the industry.
Although the results were positive, the survey did show that more work was needed to ensure that the Initial Disclosure Document (IDD) and Key Facts Illustration (KFI) are evident in the sales process.
CML deputy director general Peter Williams said: "The 'mystery shopper' survey proves there is no room for complacency when providing customers with IDDs and KFIs, but we are confident lenders are striving to ensure these are supplied at the correct stage in the sales process.
"However, the FSA needs to be aware that the rules are still bedding-in, and we look forward to working with the industry towards further improvement in the future."
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