As a financial professional working with retail customers, it is essential to be aware of the Consumer Duty Principle and the Conduct Rule. These principles are designed to ensure that firms act in their customers’ best interests and deliver positive outcomes while helping them achieve their financial objectives, without causing any foreseeable harm.

One of the key ways to demonstrate this is through the provision of IDD (Insurance Distribution Directive) service and costs. By providing customers with clear and transparent information about the costs associated with the products and services offered, mortgage brokers can help customers make informed decisions about their financial objectives.

Another important factor in demonstrating good customer outcomes is evidence of competency. Mortgage brokers should strive to achieve at least the minimum volumes of activity required to maintain their permissions, and should record their CPD (Continuing Professional Development) to evidence their ongoing commitment to learning and development.

File checks and quarterly risk reviews are also important tools in ensuring good customer outcomes. By regularly reviewing files and assessing potential risks, mortgage brokers can identify areas where they may need to improve and take proactive steps to address any issues.

Finally, it is important to ensure that the costs and charges paid by consumers are reasonable compared to the overall benefits they receive. Mortgage brokers should be transparent about the fees associated with their services and should strive to provide value for money to their customers.