COMPLIANCE UPDATES

  When the FCA launched Consumer Duty on 31st July 2023, their goals were to see reduced consumer harm and better outcomes for consumers, outcomes such as: Justified and consistent fees based on the products provided. Better treatment for vulnerable customers Reduced complaints relating to mis-selling However, research conducted suggest that Some 84% of consumers say […]

Short answer, YES Last week our Case Management team submitted an application and received an offer from the lender almost instantly. But how is this possible? A number of lenders now have AI underwriting, meaning once you have completed the application and packaged the case, the system will review all the information instantaneously and if

As the sun shines longer and the summer months wind down, the real estate market typically sees a surge in mortgage applications. Many prospective homeowners aim to secure their new homes before the long, dark nights set in. With this seasonal uptick, lenders are ramping up their efforts, enhancing their systems and processes to streamline

  There are, however, occasions where we are unable to pay commission as quickly as we would like. So here is some guidance on what could cause your commission payment to be delayed. When commission is received, our Finance Department will first look to find an OMS case to match it to, so when there

  The Equity Release Council has introduced a new testing requirement for all of its members. This test must be completed each year to maintain membership and to ensure your knowledge remains current. We have uploaded this test to the LMS system, and any adviser with Equity Release permissions will be allocated this training to

In July 2023, the FCA’s Consumer Duty rules came into force. Consumer Duty has been described as the ‘biggest overhaul for the UK’s financial services industry in 20 years’.  But what actually changed and what have we learned a year on? The FCA introduced ‘The Four Outcomes’: the governance of products and services price and value

Compliance has checked 500 cases so far this year, so what are the trends that we can learn from? Last year we enhanced our file checking process and introduced some new initiatives: Phone calls to deliver file check feedback Heads up process to help new (BLUE) advisers with their learning journey Improved file checking scoring

Most people have heard of the term vulnerable customers, and even know what type of people may be classed as vulnerable, but do you know what to do when someone is identified as vulnerable? Before we cover what help can be given to vulnerable customers, let’s look at who might be vulnerable and the scale

In our 2023 Summer Newsletter, we wrote an article called Use it or lose it. In this, we covered the FCA and Network rules that are required to maintain your permissions. To maintain your Regulated permissions, each adviser must complete a minimum level of business. Regulated activity covers the following: Regulated Home Finance, e.g. Residential

The risk from AI (Artificial Intelligence) fraud has significantly increased recently with the advances that have been made in AI technology. AI is being used to help in financial services with many lenders now using AI to help speed up the underwriting process, but as well as the benefits, there are also risks. What is