The Consumer Duty requires demonstrable outcomes. Here's how your CRM should capture evidence of fair value, understanding, and support.
Since July 2023, the FCA's Consumer Duty has required firms to demonstrate they're delivering good outcomes for clients. This isn't just about having the right policies — it's about evidence. Your CRM is the primary tool for capturing that evidence.
Many mortgage brokers underestimate the documentation requirements. It's not enough to do the right thing — you need to prove you did. A CRM with built-in compliance workflows makes this automatic rather than burdensome.
Track why specific products were recommended. Your CRM should capture the rationale behind every recommendation, linking it to the client's specific circumstances and needs.
Document fair value assessments. If a client is paying a higher proc fee, record why that product still represents fair value for their situation.
Log how you've ensured the client understands the product. This includes recording the format of communications, readability checks, and confirmation of understanding.
Track vulnerability assessments, accessibility accommodations, and post-sale support. Your CRM should flag clients who may need additional support and log the actions taken.
The firms that thrive under Consumer Duty aren't doing anything dramatically different — they're just documenting it properly. A CRM that automates this documentation turns compliance from a burden into a competitive advantage. Learn how Adviser IQ helps.
The Consumer Duty requires mortgage brokers to demonstrate good outcomes across four areas: products and services, price and value, consumer understanding, and consumer support. CRM systems should capture evidence for each.
Book a demo to see the UK's most intelligent CRM for mortgage and protection advisers in action.