Other compliance services

T&C

We can provide training of compliance support in such areas as designing a T&C scheme relevant to your needs.

Past Business Review

We have successfully completed business reviews for firms who are subject to FSA disciplinary action.

File Checking

We carry out independent monthly checks of completion files.

Mortgage Broker Compliance

The FSA has turned it's attention towards the mortgage intermediary market during 2008 with some serious consequences for some brokers of large fines and loss of reputation.

Mortgage advice

Fines for Mortgage Brokers

Between May and October 2008 the FSA issued fines ranging from £10,500 to £100,000 against brokers for unintentionally exposing clients to the risk of bad advice. In some cases this was the result of failing to supervise staff properly but in others it related to inadequate or inconsistent fact finding, poor internal systems and controls or lack of competence. There are instances of both personal and business fines and the withdrawal of permission to act in the mortgage market.

The fines themselves are only a drop in the ocean when considering that the firms in question were also potentially liable for the cost of qualified third parties to complete reviews of past business and the need to make compensation payments as a result.

There is the suggestion that some fines would have been higher were it not for the personal circumstances of the individuals in question.

Mortgage Compliance Health Check

Brokers should consider pre-empting an FSA inspection by carrying out their own review of their firm. Impact Interventions, in co-operation with Searchlight Insurance Training, is able to offer a Mortgage Compliance Health Check designed to flag up problems and help firms avoid severe and expensive consequences. The Health Check would include:

  • A review of mortgage completion files
  • Interviews with senior people and advisers
  • Examination of internal procedures
  • A clear report giving practical guidance on how to rectify any weaknesses
Mortgage broker compliance

Cost

The cost of this service will depend on the size of the firm in terms of numbers of advisers. This will determine the numbers of file checks and interviews. It can be adapted to meet your needs and will be considerably cheaper than a fine, the risk of losing permission to operate and damage to your reputation.

Call Phil Dockerill on 07885 761082 for more specific information or contact us here.