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OpenConvey: Free legals may not be TCF
16 September 2010
The free legals offered by lenders on remortgage deals could offer compliance danger for the intermediary, said Jonathan hall, commercial director for OpenConvey. Hall said recommending products which refer consumers on to poor service and lack of customer focus is not Treating the Customer Fairly. He said "While a free legals package is an option seems like a no brainer for a lot of brokers and their clients, they would be better taking the option of a contribution, usually up to £250, to the costs of their conveyancing. ‘Free legals' offers mean that the lender's interests are paramount but the client's interests are not a priority during the transaction, he said. "We know from client feedback that lenders' conveyancing whether in-house or outsourced can be of variable quality with little information available and a service that can be variable at best," he said. Published by Mortgage Solutions
