Our Responsibility to the Consumer Duty Act
As a regulated mortgage, insurance and unsecured finance broker, DNA Financial Solutions (DNA) plays an essential role as an intermediary between you as our client and the finance / mortgage lender or provider.
DNA has a duty to provide honest, transparent, and unbiased advice and here we discuss the approach we will take to fulfil our Consumer Duty responsibility.
What is Consumer Duty?
Consumer Duty refers to the responsibility of regulated firms authorised by the Financial Conduct Authority to always act in the best interests of their clients. Our qualified advisors will always provide you with accurate and honest advice to help you make an informed decision about your borrowing or protection options. In doing so, we will always ensure that you fully understand the information presented to you, whether that’s shared from our firm, or from the lender or provider themselves.
Here is our approach to Consumer Duty:
- 1. Honest and Transparent Communication: One of the primary responsibilities of DNA is to provide honest and transparent communication with you. Our advisors will disclose any fees or commissions we receive from lenders or other third-party sources. We will also disclose any potential conflicts of interest that may arise during the mortgage, finance, or protection application process.
- 2. Thorough Analysis of the Client's Financial Situation: To fulfil Consumer Duty, our advisors will conduct a thorough analysis of your financial situation. This will sometimes be referred to as a ‘fact finding’ meeting. This analysis includes assessing your income, expenses, credit score, and debt-to-income ratio. Based on this analysis, our advisors can recommend or present options that represent your identified needs and circumstances.
- 3. Providing Access to Multiple Lenders: DNA operates as a whole of market intermediary with access to multiple lenders. This gives us the ability to ensure that we are comparing, advising, and recommending the most suitable mortgage or finance option for your requirements. Within the process, your advisor will present you with lenders’ offers or terms and conditions and will explain the differences between options to assist you in in proceeding with the right product.
- 4. Assisting with the Application Process: Our advisors will assist you throughout the entire application process, ensuring that relevant and accurate information is presented to the lender and provider in good time, making the process as straightforward as it can be.
- 5. Offering support and education where needed: Our advisors will fully support you during the application process by ensuring that are comfortable with the payment and affordability terms contained in any mortgage, finance or protection offer documentation. Our advisors will explain the offer or policy documentation to you, making clear any important factors and responding to any questions you may have.
In conclusion, DNA’s approach to Consumer Duty involves providing honest and transparent communication, conducting a thorough analysis of your financial situation, providing access to multiple lenders, assisting with the application process, and offering support and education where needed. By fulfilling our obligations under the Consumer Duty, DNA will help you make informed decisions about your finance or protection options resulting in a positive client outcome.