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The purpose and structure of the UK financial services industry

The Financial Conduct Authoritys (FCAs) main aims- activities and relevant Conduct of Business rules

The house-buying process and parties involved

The different types of customers and mortgages

How to assess the affordability and suitability of different mortgage options and associated products



Purpose and structure of the UK financial services industry.

• Financial Conduct Authority (FCAs) main aims- activities and relevant Conduct of Business rules.

• The house-buying process and parties involved.

• The different types of customer and their need for different types of mortgage.

• Assessment of affordability and suitability of different mortgage options and associated products.



- understand the structure and regulation of the UK financial services industry- asset classes and the interaction between the types of financial services products and clients requirements

- understand the main asset classes and features of financial services products- and the main financial advice areas

- understand the process of giving financial advice- the basic legal concepts- and the basic UK tax and benefits system

- understand the impact of inflation- interest rate volatility and other socio-economic factors relating to personal financial plans

- Detail Assess area

- understand the role of oversight groups- the requirements of the regulator and other laws relating to the provision of advice

- understand the non-tax laws- regulations and codes of conduct features of the regulators Conduct of Business Rules and how they apply to clients

- understand the regulator approach to regulation and how the rules affect the control and structures of firms

- understand how anti-money laundering regulations apply 7

- understand the main features of rules for dealing with complaints and how the Data Protection Act affects the provision of financial advice

- Detail Assess area

- know the regulatory definition of different types of mortgages- Buy to Let mortgages- Consumer Buy to Let mortgages- second charges and equity release

- know the house-buying process- the key parties involved and their roles 2

- know the process and implications of buying property at auction 3

- know the common types of borrower and how their main mortgage related requirements may differ and what factors may disqualify people from borrowing

- understand the main requirements of the Mortgage Conduct of Business Rules and the legislation affecting mortgages

- understand the economic and regulatory context for giving mortgage advice 6 Unit 4

Detail Assess area

- understand the role of a Mortgage Adviser 1

- understand the purpose of additional security- including the role of guarantors 2

- understand the fees and charges involved in arranging a mortgage 3

- know the principal types of property defect that surveys can identify and understand their implications when seeking a mortgage

- understand the principal factors affecting the value of property 5

- understand the different forms of valuation and survey 6

- understand the need to obtain Local Authority planning consent for house development/extensions

Detail Assess area

- understand the key features of the different types of mortgage repayment options and their benefits and drawbacks for different types of borrower

- understand the key features of the different types of mortgage product and interest rate options

- understand the main features and functions of different forms of life assurance and other insurances

Detail Assess area

- understand the principles and procedures associated with raising additional money and the circumstances when further borrowing might be appropriate

- understand the principles- procedures and costs of transferring mortgages 2

- understand the principles of using mortgages within debt consolidation arrangements 3

- understand the implications for the borrower of the non-payment of mortgages- other breaches of the Mortgage Deed- non-payment of building insurance and the options available

- understand the legal rights and remedies available to lenders in respect of non-payment from borrowers

- understand the main provisions made by the State to assist consumers in difficulties over the repayment of mortgages

Detail Assess area

- analyse consumers circumstances and suitable mortgage solutions taking account of any existing arrangements

- apply suitable mortgage solutions to specific consumers circumstances 2