Ed Payne is quitting his role as Moneyfacts commercial manager to launch an online compliance services firm with Terry Young, the former head of Paymentshield's mortgage club.
Both Payne and Young have a long history in the intermediary mortgage market, with Payne formerly looking after Moneyfacts’ intermediary facing emoneyfacts portal. Prior to Moneyfacts, Payne also had business development positions at SPML, Halifax and Accord Mortgages.
The new compliance company, compliancechecking.co.uk, is just weeks away from launch. Payne will take the position of sales and marketing director while Terry Young will be managing director. Rick Watkin, a technology specialist who currently runs a separate broker CRM platform, will also be involved in the new venture.
Manual file checking means often only three to five files can be processed each day. But compliancechecking.co.uk will offer brokers an online system through which customer mortgage and insurance files can be checked accurately and remotely, processing around three file checks per hour.
Payne told Mortgage Introducer: “There’s a huge gap in the market for compliance services in the broker market. It’s one of the few areas of broker work which has not benefitted from technology. Paper still goes missing all the time.
“In this day and age we shouldn’t have networks asking for paper files but I’m sure it’s still happening. Relying on paper based files can cause problems not just in timing and efficiency, but also ensuring firms are compliant.
“Using this system, the principal can be assured that a random selection of files is being checked. It’s also intuitive, making it quick and easy for brokers to use when scanning in client information. And because it’s outsourcing, we pass on our own efficiency savings to brokers.
“We hold customer information securely on a centralised database, which also helps brokers deal with customer data protection issues.”
Payne leaves Moneyfacts later this week and says the new business will be launching in the near future.
He added: “The system is up and running and we’ve already hired compliance officers. We are actively looking to recruit more compliance officers and take on new business from now.”
