For brokers who do not want the complete support from a network, IMA has introduced a menu of services tailored to suit their regulatory and business development needs. This will ensure that brokers are ready for total regulation by offering guidance and support well in advance of the FSA taking full responsibility.
Pam Hawkins, general manager of IMA, said: “Despite there being 18 months to go, the framework for total regulation will be available in the Autumn and firms should be starting the application process by the end of the year. They will have to look at senior management systems and control, allocation of responsibility, risk management and compliance procedures to be able to meet the FSA’s high regulatory standards.”
“Brokers need to have a project plan which will take them through to mortgage day and ensure that their business processes are compliant. Our aim at IMA is to provide brokers with the necessary tools they need to continue with their core business throughout these regulatory changes whether they are looking for full membership support or tailored services.”
