Mortgage Next Partners is launching a bespoke compliance service and is also giving Directly Authorised (DA) brokers access to Sesame Select, an advice service which provides brokers with market-leading commission rates, enhanced service and e-enabled life products.
The compliance service will give DA brokers access to a web based regulatory spectrum, which includes overviews and updates of the rules, model procedures, training aids and terms and conditions documentation. The service includes a regulatory helpline, an annual compliance audit and support from a dedicated account manager.
Mortgage Next is also providing the option for brokers to purchase individual compliance services on an ad hoc basis.
As part of the deal, Mortgage Next is also offering DA brokers the opportunity to write term assurance business via Sesame Select, which includes leading providers AXA, Legal & General, Norwich Union, Prudential and Standard Life. In addition brokers will also have access to two further deals, with two-year claw-back periods.
Martin Maynard, managing director at Mortgage Next Partners, said: “This is a key development in our Passport proposition and we are delighted to be teaming-up with an industry leader such as Sesame.
“This deal enables us to fulfil our vision of providing directly authorised brokers with a comprehensive range of support services provided via ‘best of breed’ business partners. Many directly authorised mortgage brokers have not yet experienced the full effect of dealing with the Financial Services Authority (FSA) over regulatory matters and may decide they need to bolster their in-house compliance capabilities for the future. Brokers have the choice of either buying a comprehensive ongoing compliance service or buying individual elements on an ad hoc basis.
“When we decided to extend the Passport initiative to include compliance support, we were mindful of the need to choose a business partner which had the size, experience and track-record of providing a consistently high quality service, regardless of whether one or 1000 brokers take up the offer. We quickly came to the conclusion that Sesame was the perfect partner. I’m sure this scheme will be a great success.”
Stephen Young, Sesame’s sales and marketing director said: “We are delighted to be joining forces with Mortgage Next to market this new service. Regulatory expertise is one of our core strengths and no other service provider has our depth of experience in managing FSA regulation and providing valuable face-to-face support. We will be offering a compliance service that is light of touch but provides the protection and reassurance advisers are looking for, enabling them to focus on running successful businesses. Our Sesame Select proposition is also proving popular with advisers and we believe the combination of leading financial brands, improved service standards and higher commission rates makes this a compelling proposition.
“We have been impressed with the way Mortgage Next have developed their proposition for DA brokers, which is based on their considerable expertise and experience of working in the intermediary mortgage market. Both of our organisations have an established track record in developing strong and productive working relationships with third party business partners. This deal also highlights the growing trend of firms wanting to concentrate on running and improving their core businesses while outsourcing key aspects, and we are hopeful that similar deals will follow in the coming months.”
