In the earlier stages of a person’s life, life insurance and critical illness cover (often referred to as ‘accelerated life’) are essential for ensuring financial and family protection needs. However, once the mortgage is paid off, and the term life cover has expired, the protection gap for clients in the later stages of life is [...]
Cheryl Hughes, Compliance Officer Team Leader Mortgage Credit Directive (MCD) has now arrived and effective from 21 March 2016 and below is a brief summary of MCD and the Key changes:- What is MCD? The European Union Mortgage Credit Directive (MCD) came into force with the aim of having a single, EU-wide framework [...]
Our new guide to the Stamp Duty Land Tax changes Ahead of the Government's proposed changes to Stamp Duty Land Tax from 1 April 2016, we've produced a new guide to help you understand how your clients may be affected, along with explanations to scenarios that your clients could find themselves in. Click the preview [...]
Ben Allen, Head of Compliance With the Mortgage Credit Directive coming in to force on 21st March 2016 and with many lenders already having switched over to their ‘post MCD’ processes I wanted to take a few moments to go over the changes to initial disclosure and to recap on the existing requirements [...]
Ben Allen, Head of Compliance The subject of income verification is a bit like the off-side rule; initially it appears to be pretty straight forward, but it often can end up being a subject of great debate. Income verification is a central part of an adviser’s sales process; it helps satisfy the regulatory [...]
Ben Allen, Head of Compliance The MMR, launched in April 2014 brought something of a change of culture with regards to Decisions in Principle (DIPs). The focus on Financial Crime and the desire to improve business quality has led lenders to scrutinise DIPs far more than before. Yet some brokers are still treating [...]
Most of you will have dealings with third party firms or individuals who refer or introduce potential customers to you to take advantage of your service. Often these relationships are based on a previous association and a good knowledge of the firm or individual, so the arrangements are founded on trust and professionalism. Introducers can [...]
I remember, shortly after joining the network, Jennifer interviewing me for The Right News (August Edition) and asking what I aim to achieve in the first 6 months. Well, first and foremost (and always) it is to ensure that as a network, as firms within the network and as individuals, we put customers at the [...]
BROKER FEES We have had occasions where Advisers have not declared their Broker Fees on the Initial Disclosure Document , Client Records and to the Network. Failure to disclose your Broker Fees is a serious Breach of Regulatory Requirements in accordance with Regulatory Rules. Broker Fees should not exceed 1% of the loan amount and, if [...]
We recently held the third training session on regulatory compliance, with the latest edition being an introduction to how regulatory compliance impacts you in your job. We focussed on your role and the regulatory requirements for us as a business to treat customers fairly(TCF) and to always make decisions that are in the customer’s best [...]
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