Guest speakers included Kate Main, CML senior policy adviser and David Payne, compliance director at M2i. Feedback from both the Manchester and London events revealed that 9 out of 10 attendees have decided to apply for direct authorisation (DA).
Speakers at the London Venue pointed out the crucial timescales for applications and the possible pitfalls for mortgage intermediaries contemplating the authorised representative (AR) route, where some principals have yet to be authorised. In the event that any chosen principal fails to be authorised, it was recommended that potential ARs should have an application for direct authorisation ready for immediate submission, so that the early application discount (prior to 1 April 2004) would not be lost. It was also recommended that all potential ARs should refer to the AMI website for a list of searching questions to ask any network they were considering as a principal.
Stuart Aitken, SPML’s director of credit said: “This third round of SPML roadshows has highlighted the need for everyone involved in mortgage lending and advice to prepare very early for submitting authorisation applications in January. However, our view is that the “lighter touch” regulation will enable the vast majority of well-run mortgage intermediaries to obtain direct authorisation quickly and easily”.
