Compliance Director Julie Hamilton says: “Domain is different – we have always limited our number of Appointed Representatives, each of whom expects personal attention from our team of highly skilled staff. FSA regulation will bring a new era of trust and confidence in mortgage advisers from the public, and the already highly respected name of Domain will be at the forefront of that.”
The network has invested heavily in developing a state-of-the-art compliance service for its members. Says Hamilton: “Domain’s ARs will have several major advantages over other intermediaries: particularly our unbeatable range of exclusive products, access to our Mortgage Club, and renowned packaging service. But most importantly, Domain’s intensive support service will help our intermediaries cope with the rigorous and detailed reporting regime required by FSA regulation. They will find it a considerable change from the voluntary regime of the MCCB. We can also help AR’s move toward directly authorised status if they wish to in the future.”
Unlike many larger networks, Domain expects all its existing members to have completed the FSA’s checking process and be authorised as Appointed Representatives by October 31st. Says Hamilton: “There are increasing concerns in the industry that many new networks will have large numbers of members still awaiting clearance by the FSA on October 31st. These members will not be allowed to do business – and the cases they are dealing with will collapse as a result. This could cause chaos amongst purchasers and sellers. But Domain will guarantee to ensure that all cases will be secure with our Network.”
