FCA confirms launch of intermediary comparison tool

The FCA has confirmed plans to launch an online tool which allows consumers to compare intermediaries.
In its Mortgage Market Study, the regulator said it is difficult for consumers to compare intermediaries and current tools are “limited in both scope and coverage”.

Participants from a working group agreed that the new Single Financial Guidance Body, which will be known as the Money and Pensions Service, should host the tool as an addition to the existing MAS Retirement Adviser Directory. Other feedback supported the inclusion of information on fees, the number of lenders intermediaries place business with, areas of particular expertise such as lifetime mortgages, channels for communicating advice, and adviser certifications and qualifications. It also encouraged close links with the FCA’s Financial Services Register and its proposed Directory.

Source: financial reporter
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