The Black & White Group has taken the first step to keeping on top of the FSA changes and has appointed a policy officer whose sole duty is to look at FSA updates.
Responsible for keeping up-to-date with FSA guidelines and to provide interpretations of the rulings, Giles Lee has been in the job for three weeks.
Speaking of the appointment Thomas Reeh, chief executive officer of Black & White, said: “We have doubled our compliance team from three to six to make sure that we are constantly in keeping with FSA regulations and to keep up with the growth of the business.
“However, we have one member of the team whose job is specifically dedicated to keeping up with the FSA updates.”
Paul Hearnden, managing director of My Mortgage Direct, felt that the move to install a specific ‘policy update officer’ would become both necessary and make it easier for firms to remain in line with the FSA.
“Depending on the size of the company it is a worthwhile idea as it takes away that added pressure from other people. I expect this type of thing to become more common in the next five to ten years,” he said.
