Product Overviews - Consumer Duty changes
The FCA’s Consumer Duty (“The Duty”) says that all mortgage lenders must provide brokers with information to help them meet their responsibilities as distributors of our products.
Under PRIN 2A.3.16 R and PRIN 2A.4.16 R of The Duty, before recommending our products to their clients, brokers must be able to identify:
- Characteristics and benefits of our products
- Target markets for our products
- How our products are distributed
- Whether our products provide fair value
Lenders and intermediaries including Nationwide worked together to create standard templates for this information:
- First Time Buyer - Nationwide product information
- House Purchase - Nationwide product information
- Remortgage - Nationwide product information
- Switcher - Nationwide product information
Consumer Duty does not require brokers to review these documents with each application. The information in these documents is for internal use only. Brokers should not share them with clients. We will keep these documents up to date and let you know about any material changes over time.