In a telephone survey the secured loans broker found that brokers are commonly both unaware and unprepared for the MCD, as seven in 10 (71%) said they hadn’t started to prepare for the regulation coming into play in seven months’ time.
Sonny Gosai, sales and operations manager at Clever Lending, said: “The survey results confirm what we have feared all along, that with the clock ticking it’s even more essential that the secured loans sector needs to provide the education and training required to deliver MCD through the broker network. Q
“Clever Lending’s own plans are well ahead of schedule in terms of systems and implementing the new administration. We’re also in close contact with our lending partners so we can co-ordinate our communications going forward.
“We also have to remember the end user in this scenario, the customer, and provide assistance for brokers to make them fully aware of the new requirements as they apply for loans early in 2016. Handling pipeline cases will be key in this and very clear messages will need to be produced across the industry.”
