The ‘Face your Fears’ briefing is themed around the fact that mortgage regulation becomes effective on Halloween. All material carries the lighthearted theme to allow brokers to easily identify this educational material in their daily post.
Stephen Maskens, manager of MGM Home Finance commented: “We made a commitment to our brokers to provide them with a simple interpretation of MCOB rules and to turn this into easy to apply processes.
“Our theme highlights the feelings of many AR firms when faced with often conflicting information and the potential consequences of mistakes.”
The personalised briefings in pack format highlight the effect of MCOB on the day-to-day activity of firms and the actions they must take in advance of regulation.
Subjects covered include amendments to introducer rules, individual registration, financial promotions, advertising and lead generation as well as contacting customers (solving financial
promotions ‘real time’ restrictions) and independence & fee charging.
In addition, Home Finance has just completed a series of face-to-face presentations to all members to fully explain the impact and demonstrate the new sales process incorporating the IDD and the KFI documents.
Copies of the packs are available to firms considering a tied relationship via www.mgmhomefinance.co.uk.
Maskens added: “This clearly demonstrates the value that a broker firm will get as a member of an experienced network like Home Finance and they have been very well received.
“We consider ourselves well ahead of pack with these briefings that allow our advisers to prepare in good time for October. I would hazard a guess that many firms have not even heard from their respective hosts on these subjects, let alone received briefings. We welcome conversations with any brokers that are
concerned about this."
Home Finance will conduct more briefings in October to give final mortgage day briefings and begin the same process for the implementation of ICOB in January 2005.
