The package, backed by a free helpline, courses and newsletters, is specifically designed to help customer negotiate their way through the new FSA regulations by giving them guidance and support. There is also a new service available for appointed representatives. People interested in finding out more about these packages should call 0845 129 5022
The direct authorised mortgage intermediary package comprises:
- A detailed Compliance Manual (written to remove all ‘FSA-speak’)
- Document templates, including all training and competence paperwork
- Free telephone help desk to handle day-to-day compliance queries
- Visits to review paperwork and procedures are kept ‘on track’.
- Regular newsletters and compliance bulletins reporting on changes in rules
- Regional workshops to provide training and guidance on topical issues.
- Later in 2004, it is planned to run training courses for the new Lifetime Equity Release Mortgage qualification and the Certificate of Regulated General Insurance.
- Compliance, mortgage and general insurance support will also be available for directly authorised IFAs.
- Assistance will also be provided to help brokers through the FSA registration process (should they wish to become directly authorised).
Costs are competitively structured, starting from £110 per month for firms with one to three advisers.
Appointed Representatives for mortgage and general insurance can be helped by First Mortgage Option’s sister company, Your Mortgage Options – a registered firm which will take responsibility for the compliance issues of its members. This service anticipates what many industry commentators have been predicting, namely that many Appointed Representatives will move to become directly authorised mortgage intermediaries in the next couple of years.
David Espin, Compliance Director, First Mortgage Options, said: “There has been a lot of unjustified scaremongering from so-called compliance consultants. I believe that most mortgage intermediaries can manage their own compliance issues with appropriate guidance and support.
The FSA do have more powers than the MCCB, but professional brokers who take good advice and follow the complaint regime should have little to fear. It is my view that the new rules and changes should form the framework for an efficient and compliant way to manage business. Doing things properly first time, every time, will eliminate errors and reduce the potential for a complaint, either from the regulator or customers. It could even save work in the long run.”
