ALASTAIR FRAME ON MORTGAGE FILE CHECK FAILURES

IFAC use a mortgage checklist proforma and advisers who fail their Suitability Report file checks would be well advised to study this.

This is a checklist. The adviser ticks the boxes to confirm which discussions took place. This adds to the documentation. For example if a first time buyer complained that he was never told about the limitations of the basic valuation and he had bought a problem property, the checklist would confirm the discussion.

Where possible the client should sign this checklist, although this is not mandatory.

click here to download, original copies and instructions in BAT for IFAC members