Mortgage Compliance Services (UK) Ltd was formed to provide compliance services to intermediaries, networks & packagers, and lenders.
MCS will initially use 8 consultants, supported further by the central technical, research and administration teams of their parent, Insurance Compliance Services Ltd. (ICS).
The emphasis is on providing cost-effective services and freeing up intermediaries to spend their time on matters that give them the best return. Many networks & packagers will also benefit from providing an added value service to their representatives.
Technical & marketing manager, Charles Maddocks, explained: “From talking with our clients and market contacts, it seems clear that there is an under-serviced demand; there are very few mortgage compliance specialist consultancies” he added “The core FSA principles apply equally to both the insurance and mortgage sectors, and we also have the people with mortgage industry experience to handle the key differences between MCOB & ICOB. We already have the operations in place to provide an efficient compliance service and this gives us a solid foundation for the development of this new venture”
MCS is offering a range of services to suit most needs; from a full ‘hand-holding’ service providing clients with regular reviews in their offices, ongoing news & information and advice, to one-off consulting projects. Key areas of focus for the MCS team include many topical issues such as control of Appointed Representatives, Lifetime Mortgages, T&C Schemes and file-checking.
Maddocks added “There are two essential elements to providing a truly valuable service: we employ people who can “walk the walk” with real business experience, and we never forget that our clients have a business to run. This makes our remote services, file-checking for example, particularly attractive”
