Consumer Duty
As a regulated mortgage, insurance and unsecured finance broker, CFP Group Limited plays an essential role as an intermediary between you as our client and the finance lender or provider.
CFP Group has a duty to provide honest, transparent, and unbiased advice and here we discuss the approach we will take to fulfil our Consumer Duty responsibility.
What is Consumer Duty?
Consumer Duty refers to the responsibility of regulated firms authorised by the Financial Conduct Authority to always act in the best interests of their clients. Our qualified advisers will always provide you with accurate and honest advice to help you make an informed decision about your borrowing or protection options. In doing so, we will always ensure that you fully understand the information presented to you, whether that’s shared from our firm, or from the lender or provider themselves.
Honest and Transparent Communication
One of the primary responsibilities of CFP Group is to provide honest and transparent communication with you. Our advisers will disclose any fees or commissions we receive from lenders or other third-party sources. We will also disclose any potential conflicts of interest that may arise during the mortgage, finance, or protection application process.
Thorough Analysis of the Client's Financial Situation:
To fulfill Consumer Duty, our advisers will conduct a thorough analysis of your financial situation. This will sometimes be referred to as a ‘fact finding’ meeting. This analysis includes assessing your income, expenses, credit score, and debt-to-income ratio. Based on this analysis, our advisers can recommend or present options that represent your identified needs and circumstances.
Providing Access to Multiple Lenders:
CFP Group operates as a whole of market intermediary with access to multiple lenders. This gives us the ability to ensure that we are comparing, advising, and recommending the most suitable mortgage or finance option for your requirements. Within the process, your adviser will present you with lenders’ offers or terms and conditions and will explain the differences between options to assist you in in proceeding with the right product.
Assisting with the Application Process:
Our advisers will assist you throughout the entire application process, ensuring that relevant and accurate information is presented to the lender and provider in good time, making the process as straightforward as it can be.
Offering support and education where needed:
Our advisers will fully support you during the application process by ensuring that are comfortable with the payment and affordability terms contained in any mortgage, finance or protection offer documentation. Our advisers will explain the offer or policy documentation to you, making clear any important factors and responding to any questions you may have.
Are You Getting the Advice You Deserve?
Discover how CFP Group supports you with honest advice and tailored financial solutions under the Consumer Duty Act.