The service, through the partnership between the Institute of Financial Services (ifs) and the CML, offers guidance via a telephone helpline and the internet for an annual fee of £85 plus VAT.
Subscribers have access to a compliance team, regular updates from ifs and the CML, with future web forums planned. Figures released by ifs show that from the service launch on 1 November 2004 to 7 January 2005 33,000 visitors were recorded.
10,000 have been recorded between 7 January and 1 February 2005. Gordon Benville, head of CeMAP Services at ifs, said: “We’re really pleased about the way that the service has taken off. Thousands of people have already found our service useful in helping them get to grips with the FSA regime.”
Frank Thurlby, head of compliance at Genesis Home Loans, said: “As we now understand that the majority of brokers decided on the directly authorised route these figures mentioned do not seem overly excessive.
“As a network we have a strict training process and compliance department but when you think of the amount of directly authorised small firms and one-man bands without such support, where do they turn? The FSA are limited in the help they can provide so I can see more people seeking advice.”
Kate Davies, regulation policy adviser at the CML, said: The amount of information available to mortgage advisers is bewildering. The service provides an invaluable guide to advisers by helping to find answers to key questions they are being asked and will be asked in the future.”
The website can be found at www.cemapservices.com.
