Countdown to the implementation of the Mortgage Market Review
With homebuyers reaching record highs are you ready?
New rules created by the Financial Conduct Authority will impact your business.
Make sure that you have a robust Mystery Shopping Programme in place.
As a business you may feel that you’re ready for most eventualities, but have you considered whether or not you have sufficient compliance and audit procedures in place ready for April. You may wish to analyse areas of conduct risk whilst at the same time gathering hard evidence for both internal audit/compliance departments and external regulatory bodies. Pre-emptive action will help your company to act in the best interests of your customers.
Questions you may wish to ask yourself as we approach April 2014:
- Are the right affordability checks being performed on customers?
- Are your staff offering advised or non-advised sales correctly?
- Are you delivering the right information at the right time to the customer?
- Do you Treat Your Customers Fairly (TCF)?
Providing excellence in all of these areas will help to minimise both your risk of engagement in mis-selling practices whilst giving you invaluable documentation which will assist you with your training and competency development. The ultimate goal should be to ensure that the customer is getting great service whilst ensuring that they are fully aware of what they are purchasing.
So how does Tern help you ensure you are meeting the requirements of the review?
For all of the scenarios above Tern, the financial services mystery shopping company specialists have the ability to gather and provide either written, audio or video evidence depending on your requirements. This is done by utilising our network of experienced Financial Services Mystery Shoppers to perform this function for you.
Tailoring your Mystery Shop Programme to help ensure responsible lending
The Mystery Shop programme that we will help you to build will ensure that all of these questions can be answered and that you are fully supported in the building of a robust second line of defence.
Evidence Gathering and Reporting
Compilation of evidence can be accessed through the Tern reporting platform with the ability to drill into detailed commentary on each individual financial services mystery shopper experience. We will help you to identify areas where you score poorly and make suggestions for remedial action. There will be no excuse for not being ready. Make preparations now to ensure that all of your processes and procedures are ready for April 2014. Contact us today for further information on conducting a Financial Services Mystery Shop Programme for your business.