Rice has told Mortgage Introducer that he has written to all lenders on RAMP’s panel saying he will provide them with copies of all the compliance reports if they so wish, although they will have to contact C2 directly if they want a copy of its compliance report.
RAMP expelled C2 from the alliance earlier this month, saying a compliance review failed to demonstrate sufficient adherence by C2 to appropriate compliance standards.
David Wylie, managing director of C2, claimed the report was out of date He said C2’s expulsion was a result of its criticisms of RAMP.
Rice said: “I am enormously confident that the compliance reports for our remaining members are not at all similar to the report on C2.
“And lenders will be able to see this for themselves as we have informed them that they can get copies of the reports if they want them. But it is up to C2 if they release their compliance report. Legally, we cannot do this.”
Wylie said its compliance report couldn’t be released to lenders until legal advice was sought. He also declined to show Mortgage Introducer a copy of the report. “This matter is now in the hands of out lawyers and the report is part of this ongoing legal dispute with RAMP,” he said.
“As such, if a lender absolutely had to see a copy of the report, we would have to seek legal advice before releasing it.”
C2 is also currently in negotiations with RAMP about being paid for the shares it has tied up in the Alliance.
