Our Consumer Duty Mortgage Product Attestations

28th April 2023

We wanted to let you know how we’re meeting our obligations under Consumer Duty; the FCA’s new standards that ensure products and services are fit for purpose, provide fair value and customers are supported to make effective choices in their best interests.

Reviewing our propositions under Consumer Duty

We’ve reviewed our propositions against the following Consumer Duty outcomes:

1. Products and services are designed to meet the needs, characteristics and objectives of a specified target market.
2. Products and services provide fair value with a reasonable relationship between the price consumers pay and the benefit they receive.
3. We communicate in a way that supports consumer understanding and equips consumers to make effective, timely and properly informed decisions.
4. We provide support that meets consumers’ needs throughout the life of the product or service.

We’ve also assessed how we consider the needs, characteristics and objectives of customers, including those with characteristics of vulnerability.

Meeting our Consumer Duty obligations

To give you confidence in recommending Clydesdale Bank products and services to your clients, based on how they meet the above outcomes, we’ve created the following attestations for our Residential lending propositions. Our attestations cover the following key components of our proposition - Capital and Interest and Interest Only, combined into one handy document.

Clydesdale Bank - Consumer Duty Attestations – C&I and IO

Whilst there is no requirement to complete product reviews and broker attestations for unregulated Buy to Let propositions, we will do so. We’ll be in touch when they are ready.

Just so you know, these attestations are just for mortgage brokers and the latest versions will always be available on our intermediary website. So you know our attestations are always up to date and reflective of our current products, we’ll review and re-issue them where necessary over time to reflect any changes.

If you’ve got any questions, you can get in touch with your Business Development Manager who’ll do everything they can to help.