The factsheet, entitled “A Tale of Two Regulators”, provides practical assistance and guidance for mortgage intermediaries who want to identify what they need to do differently to comply with the FSA’s regulations. In just 15 pages, the factsheet examines issues such as training and competence, the advice process, complaints handling and regulatory reporting. Its simple ’compare and contrast’ style makes it an easy read.
Commenting on the factsheet Chris Cummings, Director of AMI, said: “Every intermediary firm will have to make changes to meet the FSA’s requirements and stay compliant. However, that’s easier said than done. Many of our members who are fully MCCB compliant wanted a step-by-step guide to the issues they would have to address. This is where the factsheet comes into play.”
Cummings continued: “It will take time and energy for intermediary firms to prepare themselves for the onset of statutory regulation. We have already seen the FSA contacting firms that have applied for direct authorisation in order to check how they’re progressing with their preparations. The message is clear: if you fail to plan, you’re planning to fail.
Factsheets such as this are designed to help members bridge the planning gap.”
The factsheet is available from the AMI website (www.a-m-i.org.uk) or by telephoning AMI on 0207 628 1288. It is free to members.
