Topic 9

Question 1

What are the stages of advice for mortgages.

Answer 1

1. Fact find
2. Research.
3. Present
4. Implement.

Question 2

The Consumer Duty effectively replaces which Principles for Businesses in relation to a firm’s retail business?

a) Principles 6 and 7.

b) Principles 8 and 9.

c) Principles 4 and 5.

Answer 2

A) The Consumer Duty effectively replaces Principles 6 and 7.

Question 3

The primary requirement of the advice process is that:

Answer 3

The recommendation should be suitable for the customer’s needs first and foremost.

Question 4

Once the application has been completed and submitted to the lender, the lender will take responsibility for underwriting the application. True or false?

Answer 4

True. Once the application has been completed and submitted to the lender, it will take responsibility for underwriting the application.