Moneyfacts has launched a new Consumer Duty audit tool for Mortgages, following the success of its Savings audit tool.
This new tool is designed to support compliance with Consumer Duty regulations, as outlined by the Financial Conduct Authority (FCA).
The FCA’s latest update to firms emphasises the importance of monitoring the fair value of products and services continually.
Moneyfacts’ new tool will provide detailed insights into residential mortgage products and allow a comprehensive review and filtering of the product portfolio for ongoing Fair Value benchmarking.
John Woods, Moneyfacts Founder and executive chairman, said: “Following the unprecedented demand for the Moneyfacts Consumer audit tool for Savings and conversations we have had with banks and building societies, we know there is already high demand for the Mortgages version of the Moneyfacts Consumer Duty audit tool.”
