We hope that you will find these pages useful and that you will gain an insight into how Complete FS feel that TCF can be integrated into best working practices for both ourselves and our introducers.
If Treating Customers Fairly is not to be confused with good customer service, then what is it?
This has been a common response since the FCA first announced its initiative of TCF. On the face of it, it seems a reasonable enough question, but TCF is much more than simply good customer service and the FCA have specified some clear aims and desirable outcomes to help with the distinction;
Consumers should be sure that;
The Complete commitment to Treating Customers Fairly is evident throughout the entire Company. From the directors, through to all staff who contribute to our "Care Values" philosophy.
Complete customer service
Attitude & Awareness.
Respect for customers and fellow employees
In addition to our CARE values we also have a number of keystone policies aimed at helping our introducers to treat customers fairly;
The Directors and Senior Management of Complete FS Ltd are committed to ensuring that the FCA principle of treating customers fairly (TCF) is applied in all areas of our day to day business activities. Where our function is to purely to package a mortgage on behalf of a regulated broker we will apply the principles to our dealings with that broker 'our customer'.
In adopting the TCF principle we recognise that fair treatment of our customers is about adding value to the service we offer by aiming to:
In practical terms for the different areas of our business this means:
The following pages are examples of adviser good practice and fit well with our ethos of TCF. We are happy for all of our introducers to adopt them.
When you do business with us we want you to feel confident that you are being treated fairly. We want you to understand all the parts of the product you are buying. If you are not sure about something we want to make it easy for you to ask for an explanation.
Remember To Give Us Full Information
We want to make it Absolutely clear what we are offering. For example, the conditions of the business, including rates, charges, likely timescales and so on
We want to deliver what we say we will deliver. We want you to get exactly what you are expecting without surprises
We want to sort out any problems that may arise along the way. If anything goes wrong, we want you to feel confident that we will do everything we can to put it right
We want to be fair and not take advantage. We will make sure you understand the product before you buy recommend it
Our Duties To You
What is an interest only mortgage?
As its name suggests an interest only mortgage is one where you only repay the interest each month. This means that you never reduce the amount outstanding. For example; if you borrow £100,000 over a 25 year period and keep up to date with all of the interest payments you will still owe £100,000 at the end of the 25 year term.
How do I pay off my interest only mortgage at the end of the term?
Here are some typical options but by no means all.
A. Endowment Policy
You can take out an investment policy with an insurance Company known as an “endowment policy”. You will have to pay a monthly premium; the amount will depend on various things including the size of your mortgage, your health and your age. The premium you pay will be used by the Insurance Company in 3 ways:
There is no guarantee that the value of the policy will be enough to pay off your mortgage at the end of the term.
B. Changing to a Repayment Mortgage at a Later Stage
A repayment mortgage is one on which you pay the interest due each month and in addition an amount towards paying off the balance. Changing to a repayment mortgage at a later date will mean your payments will become higher than if you had started with a repayment mortgage from the beginning.
Some people rely on inheritance they may be due to receive or other investments such as stocks and shares.
Whatever your own circumstances it is important that you have a plan for how you intend to pay off your mortgage at the end of the term. All of the above options carry an element of risk and you should discuss all of your circumstances with your financial adviser so that you can make an informed choice on what is best for you.
YOUR GUIDE TO THE COMPLETE FS COMPLAINTS PROCEDURE
If you have a complaint about our service, please tell us. We want to put things right ideally first time. With the help of your comments we can continually improve our services.
Our complaints procedure has three steps for you to follow when you make a complaint. Our internal complaints procedure is registered with the Financial Conduct Authority and the Financial Ombudsman Service. Whilst we are not regulated by the organisations we have decided to follow these best practices This 3-step approach is recommended as best practice within the mortgage industry.
The 3 steps are as follows; -
You are asked to contact Complete at the location which has given you the service you want to complain about. They can usually sort out the complaint straight away. If they cannot they will acknowledge your complaint in writing within 5 days of receipt, and tell you how long it will take before they can give you an answer unless :
a) the complaint is resolved within 24 hours to your satisfaction
b) the Final Response can be issued within this timeframe.
Normally your complaint will be resolved within 28 calendar days, however if this is not possible you will be sent a letter stating when you will receive a response and also explaining your rights to take your complaint to the Financial Ombudsman Service should this be necessary.
If the complaint cannot be resolved satisfactorily within Step 1
You can elevate your complaint to the Complete FS Compliance Director to request a review and seek resolution.
If you want to put your complaint in writing please address it to :
Mr T Salentino
Complete FS Ltd
9 Compass Point
If you are not satisfied with the response to your complaint, the Financial Ombudsman Service may be of assistance. You must take your complaint to the Financial Ombudsman Service, if you are not satisfied with the Complete's response within 6 months of the issuing of a Final Response Letter. We will supply you with a leaflet explaining the role of The Ombudsman and how they will address your complaint.
The Financial Ombudsman Service can be contacted at:
South Quay Plaza
183 Marsh Wall
Telephone: 0845 080 1800