MT Finance’s commitment to the new Consumer Duty
When MT finance was launched in 2008 by Tomer Aboody and Joshua Elash, it was done so with the intention of providing exceptional service coupled with a flexible, pragmatic and transparent approach to bridging. While much has changed in the last 15 years – including the recent addition of buy-to-let mortgages – these basic principles have not. Our commitment to these ideals has seen us scoop 14 awards for service alone, an achievement we are extremely proud of.
the importance of Treating customers Fairly
Another key building block for us has been Treating Customers Fairly (TCF). Introduced by the Financial Services Authority (FSA) in 2001 and part of the Financial Conduct Authority’s (FCA) FCA Handbook, it lays out how firms should treat customers and clients, including observing proper standards of market conduct, paying due regard to the interests of its customers and treating them fairly and observing proper standards of market conduct.
For MT Finance, this has enabled us to build a reputation as a solution-focused lender that pays particular attention to the borrower’s needs, resulting in the best possible outcome. It has also paved the way for the imminent introduction of the FCA’s new Consumer Duty. Going live on the 31st July, it will replace TCF and aims to ensure customers receive ‘good outcomes’ and that firms provide evidence that these outcomes are being met.
how we’re implementing change
To help oversee these changes, as well as our ongoing commitment to our customers, we appointed Chief Compliance Officer, MLRO and Head of HR – Shyam Kotecha – onto our board of directors. A member of the MT finance team for four years, Shyam, among many other things, oversaw our application and launch into the regulated bridging finance sector. Joshua Elash, Founder and Director, noted: “He has contributed greatly to the overall compliance function of the company and he has proven himself to be a highly knowledgeable and professional executive who I am confident will add value to the board.”
As part of our obligations under the new Duty, we have undertaken a value and product assessment of all our products. We have concluded that they offer fair value for our borrowers and prospective borrowers. We have also identified that customer vulnerability does not restrict or limit the benefit received from our products, and our distribution and governance strategy is suitably robust to identify and support any customers who may need additional support.
We have also considered how to monitor and measure customer outcomes. We already have a regime of monitoring and testing which we believe meets the necessary requirements to allow us to identify and evidence good outcomes.
get in touch
The appointment of Shyam Kotecha will only strengthen what we offer our customers and how we support them throughout their journey with MT Finance. If you would like to find out more the new Consumer Duty, or any of our bridging loans, please get in touch. We can be contacted online, via email or on 0203 051 2331.