Residential  

Sesame launches tech solution to FCA mortgage rule

Sesame launches tech solution to FCA mortgage rule
 Credit: picjumbo.com from Pexels

Sesame has partnered with tech provider Mortgage Brain to help advisers adopt the regulator’s ‘cheapest’ rule.

Under the FCA’s ‘cost of the mortgage’ rule, advisers who do not recommend the cheapest suitable mortgage from their product range, must explain why to their client.

The network has partnered with Mortgage Brain so advisers can identify the cheapest suitable mortgage, based on the regulator’s required calculation.

Advisers can then compare this to options using different search criteria, to show the customer the most appropriate option in one report.

According to the network, this includes any ancillary fees to make it “clearer and simpler” to compare the options for customers.

The bespoke tech solution is available exclusively to the network’s advisers.

Richard Howells, managing director at Sesame, said: “We’re giving advisers greater flexibility when conducting their research, whilst still being able to trade safely with ease in response to the new regulations.

“Advisers benefit by having everything on the same report, making it easier for them to provide the best possible service and outcomes for their customers.”

chloe.cheung@ft.com

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