COMPLIANCE UPDATES

Some of you are maybe aware from our previous communication that the FCA has chosen to introduce a new fee for all Appointed Representatives of all networks. At the point of our last communication, this was just a consultation; it has now been confirmed.

Due to the increased demand for support, we have decided to separate the two functions within the help desk. We now have new Member Support and Placement phone lines and email inboxes to provide dedicated support for our Appointed Representatives (AR). 

Watch a short intro from Liz Syms on OMSs new protection ‘reasons why’ paragraphs

Some of you may well have read in the recent press that the FCA has issued their latest fee proposal. ..

I am pleased to confirm that despite the turmoil in the market we have recently successfully renewed our Professional Indemnity insurance cover for the next 12 months. You will find the summary certificate in BOX in the Compliance folder should you wish to refer to it…

Q4 has seen a considerable increase in prevented fraud volumes in comparison to the rest of the year. The Stamp Duty holiday has certainly driven an increase in application volumes for FTB and home movers. It is these types of application that tend to lead to more staged income due to clients looking to secure a purchase.

The FCA expect firms to treat customers fairly, and to exercise particular care with vulnerable consumers. When consumers are in vulnerable circumstances, it may affect the way that they engage with financial services. In order to identify vulnerable customers, four questions have been added to the Applicant(s) details on OMS which must be completed.

The FCA have made it a requirement that firms clearly disclose the nature of commission or remuneration they receive from lenders and product providers. This requirement takes effect immediately and we have revised the Terms of Business document to reflect this new rule. We have also provided the appropriate text for you to include in the Terms and Conditions on your website.

We regularly assist Mortgage Brokers with improving their advice process, so thought that we would produce a general guide to assist firms and Advisers on what should be taken into consideration to improve files…

The FCA have made it a requirement that firms clearly disclose the nature of commission or remuneration they receive from lenders and product providers. This requirement takes effect immediately and we have revised the Terms of Business document to reflect this new rule. We have also provided the appropriate text for you to include in the Terms and Conditions on your website.