In October 2004, the Financial Services Authority, (FSA), assumed responsibility for the mortgage market from the Mortgage Code Compliance Board, (MCCB). This change in regulation meant the introduction of a new code of conduct for mortgage brokers, which in turn has created a considerable increase in their administrational work load.
In October 2003, in anticipation of these changes, forward-thinking London estate agent Kinleigh Folkard & Hayward launched ‘Accordia Financial Services’ to provide an administration and management hub to assist mortgage brokers with this additional administrative work.
The mortgage division of Surrey-based estate agents, Curchods, has been announced as the latest company to form an alliance with Accordia Financial Services. With 13 offices in the Surrey area, including their mortgage services department, Curchods has employed Accordia’s system to assist with its rapidly increasing level of mortgage administration work.
Andrew Dewar, partner at Curchods, explained: “Following the legislation changes in 2004 to the industry, we were finding that some of our most senior mortgage consultants were spending more time as compliance officers rather than selling our products. Our link with Accordia means that our mortgage consultants can spend less time with paper work and more face to face time with customers and sales. Working with a company such as Accordia and Kinleigh Folkard & Hayward also means that we can benefit from their product knowledge and training.”
Michael Dollery, director of business partners, Accordia Financial Services added: “This joint venture is good news for clients as it will ultimately improve the efficiency of processing our mortgage applications making it a more seamless transaction and give brokers the opportunity to have more time dealing with their clients face to face.”
Dollery continued: “Members of Accordia, such as Curchods Mortgage Services, will undoubtedly benefit from the affiliation with Kinleigh Folkard & Hayward, as it is already established as a multi-disciplinary and financially independent company, as well as its widely known and respected Kinleigh Financial Services, one of Legal & General’s top life accounts and largest mortgage introducers in the UK. With over 13 years’ experience in the financial services industry, it is this advantage which will provide mortgage brokers with preferential competitive products and services, whilst also ensuring that their business is compliant with all regulation.”
