Promise Unqualified adviser case sign off

Document Reference: PM-UAS-001 Version: v1.2 Owner: Compliance Team — Promise Money Next Review Date: [To be confirmed]

Unqualified adviser – case sign off

As part of the progression of trainee advisers, our T&C plan allows advisers, who are deemed competent to carry out fact finds, to underwrite and prepare the advice to be confirmed and signed off by a qualified adviser.

This means that advisers who are competent but not CEMAP qualified can perform all elements of the advice process with the exception of giving and taking responsibility for the advice.

Instead a qualified adviser will be responsible for the advice having first satisfied themselves that the product and advice selected by the non qualified adviser is sound and suitable.

In this scenario the trainee adviser will be recorded as the underwriter - the person signing off and giving the advice will be recorded as adviser / consultant in PROMPT

Those signing off advice should follow this process which in simple terms involves the trainee explaining their rationale, the adviser agreeing, and then giving the advice and issuing the suitability letter.

The case ownership in terms of underwriting / processing can stay with the trainee but any changes will need to be agreed by an adviser.

Process for trainee

Complete fact find

Decide on a suitable product and fully document why the product is suitable in the fact find and synopsis – the adviser should easily be able to read and understand the story behind the advice and underwriting.

Present the fact find and suitability letter to an adviser for sign off and to give the advice.

Explain to borrowers that they will get the advice checked and an adviser will call to go through the details

Assist adviser in making the advice call by arranging a time to contact in the diary.

Process for advisers - In conjunction with all relevant policies relating to advice ie;vulnerable policy, high risk, cheapest rule etc

Review the fact find letter to establish main objectives, preferences and potential risks

Determine your own opinion on the type of product / lender most likely to be suitable.

Review underwriting synopsis and recommendation in suitability letter to check that loan match’s objectives.

Check it is documented in the synopsis or evidence of research why other lenders are not being recommended.

Check any risks have been properly addressed.

Discuss the case with trainee to clarify any further understanding

Follow high risk sign off process if applicable.

Call the client to confirm the advice and complete sale call.

Complete fact find / prompts and issue suitability letter

Thereafter

Once the advice has been given the trainee should take over responsibility for the case including chasing and overseeing processing etc.

The adviser should not need to become involved unless the circumstances or the loan materially changes.