RAMP members gain full permission
The grant of permission under Part IV of the Financial Services and Markets Act 2000 (FSMA) for all 10 members, means that they will be authorised organisations from Mortgage Day, October 31.
Samantha Foxall, Head of Compliance at RAMP, said: “All our hard work on compliance has paid off. We believe we are the first packager organisation with all its members in receipt of full authorisation. This is good news for our customers given that they know they will be working with an organisation whose members maintain the highest standards of compliance.”
The news that all RAMP’s members have won full permission follows FSA clarification that packagers involved in branded lending require full authorisation.
Ms Foxall added: “Intermediaries need to know that the packagers they obtain branded lending from are fully authorised. If introducers want to stay within the letter of the new regime, they should not source branded lending products from non-authorised packagers.”