COMPLIANCE UPDATES

In the mortgage and equity release market, particularly where one party provides security for another’s borrowing, legal safeguards are essential to prevent exploitation or abuse. A central concern in these transactions is undue influence, where one person uses their position of power to persuade another to enter into a financial agreement against their best interest. […]

The Financial Conduct Authority (FCA) has launched a market study into the distribution of pure protection insurance products to retail consumers. The aim is to evaluate whether the market operates effectively and delivers fair outcomes for consumers. You can read the full report HERE Scope of the Study The FCA’s review will focus on four

We want to bring to your attention the ongoing scrutiny by lenders regarding what they determine to be fair and reasonable levels for broker fees. Initially, this focus was placed on residential mortgages, which led to a reduction in our network’s fee tolerance for residential transactions. However, lenders are now extending their review to include

he Financial Conduct Authority (FCA) expects principal firms to exercise effective oversight and supervision of their appointed representatives (ARs) to ensure compliance with regulatory requirements and prevent harm to consumers and markets. Key expectations include: Pre-Appointment Due Diligence – Principals must conduct thorough checks before appointing an AR, assessing its financial stability, business model, and the

Anytime an Appointed Representative (AR) joins Connect, they are given an FCA number, whether they conduct regulated activity or not. There are many advantages to this, which will benefit your business, your clients and us as a Network. Benefits for a Mortgage Adviser Legitimacy & Trust – Being an FCA authorised firm gives you credibility, showing

Following feedback from advisers, we’re pleased to confirm that you can now send Terms of Business letters through DocuSign using OMS. This new process brings several key advantages: Faster turnaround: Documents can be sent and signed quickly, reducing delays. Up-to-date documentation: The system ensures that the latest version of the Terms of Business is always used.

Whilst using the Case Management team to submit your cases works great for most advisers, there are occasions where firms may want to take on the responsibility for ensuring the DIPs and Applications are submitted accurately and the case quality is maintained. Therefore, we have amended our process to allow certain Controllers or Advisers, to

As part of our ongoing commitment to regulatory compliance, we would like to bring your attention to the upcoming Annual Financial Data Request mandated by the Financial Conduct Authority (FCA). For those who have been affiliated with Connect for over a year, you will have received the same request last year. The FCA requires the

Since the launch of Consumer Duty by the FCA, all firms have been required to review their fees to ensure they represent fair value for the services provided. Rather than being a ‘one-and-done’ process, this is something all firms are required to do on a regular basis. Last year, Halifax announced that they would be