Connect to aid brokers on regulation
On Friday Mortgage Introducer found that every single lender would refuse to accept unregulated business from unregulated brokers after the European Mortgage Credit Directive comes into play next March, followed by consumer credit in April.
Lenders who said they would require permissions included Precise Mortgages, LendInvest, Funding 365, Bridgebank, United Trust Bank, Mint Bridging and Amicus.
Seminars are already taking place up and down the country.
Liz Syms, owner of Connect Mortgage Club, said: “If you would like to find out what regulatory route is right for your business, come and join us at one of our summer roadshow events where we will be discussing the topic in detail and offering advice through one to one appointments.
“Plus it’s a great opportunity to meet some of the key lenders new in the industry and gain invaluable knowledge about products and the current market.”
Seminars are held from 9:30am to 1pm. The next one is tomorrow (18 August) in Milton Keynes, followed by a session in Cambridge (19 August).
Afterwards Connect will take to Bristol on the 25 August, Newbury on 26 August, Southampton on 1 September and Croydon in London on 2 September.
Syms added: “As firms with interim permissions reach their landing dates, brokers need to ensure they have evaluated all the options.
“This is complicated by confusion around which permissions are needed for different types of transactions, new policy statements relating to consumer buy-to-let and the lenders own interpretation of the regulations.
“Brokers have two choices in relation to obtaining the required permissions. One is to apply to the FCA directly.
“This is not always the most effective solution for small brokers and one man bands because of the cost, work level and time frames involved. The other is to join a network and benefit from the Network’s permissions and umbrella of support.”