To further enhance our file checking process and to allow advisers who specialise in non-regulated, or business buy-to-let (BBTL) advice the ability to submit their own DIPs and applications without the requirement to use the Case Management team, the Compliance Department will now be conducting 100% file checking on Business BTL cases for advisers who have not yet achieved Green adviser status.
This will commence from 14th October 2024.
Whilst we already conducted sample checks on these cases, we did not have a formal process in place to allow advisers the ability to submit their own cases. But we do now.
This new process will work in a similar way to that of the file checking and DYA process for Residential mortgages. Any advisers with a Blue or Yellow adviser status will be subject to 100% file checking until they have evidenced competence with the Networks requirements and achieved Green status. Once Green status is achieved, files will then be reviewed on a quarterly basis and advisers will be given the permission to submit their own DIPs and Applications.
We will check BBTL cases post application, so there is no need to send your cases into Compliance. We will instead review all cases submitted and conduct our file review within a specific timeframe or SLA. Feedback will then be given to the adviser in the same way as we do with residential file reviews.
The amount of file checks needed before achieving Green status will differ depending on whether you are an Academy or Experienced.
- Academy advisers will have a minimum of four cases checked
- Experienced will have a minimum of two files reviewed.
So long as these meet the Networks requirements for Business BTL, advisers will be given the ability to submit cases directly to the lender without the use of the Case Management team.
For guidance on the documents required for your BBTL cases, please refer to the minimum documentation Process in BOX HERE
For full guidance on the DYA process for Business BTL cases, please refer to the Operations Manual Here or, contact the Compliance Department who will be happy to help.
Regards
Alan Baldwin
Director of Compliance
For any questions or queries, contact the Compliance Team
Call : 01708 676110
Email : compliance@connectmortgages.co.uk