Having been involved intricately in consultations with the FSA and Treasury for the interim regulatory regime coming in July 2009, Wright & Wright have been asked to develop the service in an effort to ensure the impact of regulation will be better managed by their existing SARB client base.
NLA Rentback, the trade association charged with guiding members and the industry to a more ethical practice, issued its own press release highlighting the Wright & Wright compliance service.
“interest [has been expressed by members] in learning more about the potential for effectively outsourcing many of the regulatory and compliance functions required under FSA regulation to a 'sale and rent back network'. As an independent trade association the NLA are not in a position to provide such a service however we have been liaising closely over the last few months with a firm of solicitors who are preparing to offer such a service.
Those of you who attended one of a series of mini conferences hosted by Wright & Wright Solicitors will be aware of some of the services on offer and that they have been involved in the SRB market for some time. As such they may be able to provide some assistance in advance of FSA Regulation.”
Julian Sampson, partner at Wright & Wright commented, “we have invested 24 months of time and energy in the lead up to regulation- initially in developing ethical codes of conduct and latterly in direct meetings with the regulator to ensure the industry’s better providers are represented. Since both consultation papers were issued at the start of February we have received numerous enquiries to take providers and intermediaries into the regime and we have decided to take up this challenge.
Our next job is to ensure that our existing mortgage intermediaries are sufficiently aware of the forthcoming changes and that they also consult with their compliance consultants, or ourselves, in varying permissions. The tricky part is that the FSA will not reveal their final hand until May at the earliest which doesn’t leave much of a window. We think our inside knowledge will help, however, and we intend to publish dates for a series of our successful roadshows shortly to ensure our client base is ready for the challenge.”
