FMW will take full regulatory responsibility for the product advice and compliance requirements in respect of mortgage and general insurance business of the company’s AR distribution channel when these mortgage products come within the remit of the FSA from October 2004 and general insurance products from January 2005.
Friends Provident’s intention is to increase the scale of its AR operations, through the FMW proposition, which provides a comprehensive package of:
o A whole of market lending panel
o Associated general insurance product providers
o Regulatory shelter and compliance support
o Industry leading ecommerce and technology solutions
o Comprehensive marketing support
New AR firms wishing to join before October 2004, will be able to trade under Friends Provident’s registration with the Mortgage Code Compliance Board.
Simon Clamp, Director of UK Distribution at Friends Provident, said:
“Friends Mortgage World provides our Appointed Representatives with a complete support package which includes taking over the compliance and regulatory responsibilities. This leaves the ARs free to do what they are good at – giving advice to their clients and successfully developing and growing their own businesses.
“We are continuing to expand our AR network and for those brokers who do not want to go for direct authorisation. FMW is a Principal with a quality and comprehensive proposition, backed by a FTSE 100 financial services group.”
