I applied to a number of brokers last month for a mortgage. Rececived the packs last week. But there is no compliance detials included in these packs...i.e. Terms of Business, distant marketing, copy of authorization...
Is this normal or should I stay away from these brokers?
What should be included in a standard mortgage pack?
What 'packs' did you receive? Application forms, loan offers or information packs?
Brokers are required to display their authorisations from the financial regulator in a prominent posistion in their business premises - they aren't required to send a copy of them to clients.
Mortgage application form, salary (or accountant's) certificate and a list of the documents required for mortgage approval. Personally speaking I wouldn't send out a terms of business letter at AIP stage.
Under the new Financial Regulator Consumer Protection Code brought out on August a broker must provide a copy of their terms of business to the customer before providing the first service.
This was just brought in so there is still a bit of debate about when exactly TOB should be given to customers, personally we try to give them at our very first meeting or when we send out application forms but I wouldnt be too concerned about the fact that you have not received them, im sure if you ring and request them the broker will send them out to you immediately.