TrueSpirit
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- Joined
- May 6, 2021
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Just for clarity, what do these training courses cover. For example, do they cover the FCA regs on being a credit broker in a financing deal.Wa supposed to say "best deal for the customer".....not company. Thats what cones if posting when watching TV!. As for those saying about shady practises and lack of regulation....really??? We are heavily regulated by the FCA, we get spot checks we all have to be qualified and I have to take 2 exams a year... which are not easy....no pass means no selling finance until you do. The exams have changed a lot in the near 40 years on and off I've done them....it was all about compliance and making sure the paper work was 100 percent...now there is hardly any of that...being online you can't really go wrong...now it's all about your responsibility to the customer...because like everything else no one is responsible for their own actions anymore. I have to check that they are mentally capable of making the decision, whether they are being coerced into talking out finance for someone else, do an online check to make sure they are likely to be able to afford it. If someone takes out a loan they can't afford imo that's their own stupid fault... but not in the eyes of the FCA. The last thing we need is anymore regulation thanks.
If they do, do these training courses make clear that credit brokers owe a fiduciary duty to their customers. And specifically commissions that the broker will earn on a financing package. If the broker only uses one lender or only a few potential lenders, it is good practice to disclose this fact and that the customer could potentially get a better deal if the customer casts their net wider. or that the broker has multiple products at their disposal, the reason this one was selected. And the fact that other options could be looked into that may have got a better deal for the customer. If the broker is merely selecting a product that pays out the most commission without regard for the customer's needs , I dont think this is proper.