Mortgage brokers are failing to provide IDDs, says FSA

The Financial Services Authority (FSA), which commissioned a mystery shopping exercise in April and May, says 28% of firms visited failed to provide an IDD to their clients, while in 15% of visits the firms failed to provide both an IDD and a key facts illustration (KFI). Moreover, in 12% of cases the firms provided the documents but not at the right time says the FSA. In all, out of the 82 visits conducted by the FSA, firms were non-compliant in 55% of cases. The mystery shopping exercise saw the FSA carry out a review of 20 lender websites, two-thirds of which, it says, complied wi...