This review is the second of two market-wide thematic reviews examining the impact of the Mortgage Market Review (MMR). It forms part of our wider programme of mortgages work that also includes the proposals outlined in the feedback statement of the mortgages call for inputs which has been published alongside this report.
We are reporting the findings of our thematic review that considered how firms ensure they manage funds and segregated mandates as they say they will. We also considered how firms monitor the appropriate distribution of their funds.
We are reporting the findings of our thematic review which assessed how firms are operating their closed-books and whether they are treating their long-standing customers fairly. The report sets out as draft non-Handbook guidance the actions we believe firms should be taking to treat their customers fairly in the future.
In this report we set out the high level findings of our thematic review of the research and due diligence processes carried out by advisory firms on the products and services they recommend to retail clients.