The Compliance Forum will be a meeting point for mortgage intermediaries, and especially those charged with compliance responsibility in intermediary firms. The Forum serves two purposes:
It will be a way of pooling the collective views and insights of members for the benefit of the industry.
It will provide an opportunity for members to work through the detailed compliance issues thrown up by the FSA’s Handbook, Mortgage Final Rules and General Insurance Final Rules.
The Compliance Forum will be held on a regular basis and can also be convened as and when issues arise. The first meeting will be at AMI’s offices in London. Future dates and locations will then be agreed by the Forum’s members.
Chris Cummings, Director of AMI, commented: “Feedback from AMI members, particularly those charged with compliance responsibility, demonstrated a need for an open forum where detailed compliance issues could be examined in-depth. The FSA’s Handbook and the Mortgage and General Insurance Final Rules are lengthy documents, and are not always transparent leaving room for ambiguity. The Forum provides an opportunity to arrive at an industry-wide consensus on compliance matters.”
Issues raised at the Compliance Forum will be analysed in-depth and those not resolved will be taken to the FSA by AMI for specific guidance.
Cummings commented: “This new Forum provides an opportunity for the industry to raise issues around regulation in practice – and for the regulator to respond. We see this as serving the needs of both the industry and the FSA.”
Attendance at the Compliance Forum is open to AMI members. The issues raised, and fresh guidance received, will be communicated to the whole AMI membership to help them better manage Compliance in the regulated market. Further details will be published on the AMI web site.
Members wishing to attend the Compliance Forum should contact Chris Cummings at AMI.
