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Free compliance package from MI

National mortgage club Mortgage Intelligence is offering a free compliance package for members to help them meet changing regulatory requirements.

The service, available on CD-Rom, is being positioned as a do-it-yourself service as brokers will still be required to have their own Mortgage Code Compliance Board authori-sation and be responsible for compliance.

It is free for the first year and if brokers reach a defined amount of commission through non-regulated products such as term insurance they will continue to receive a complementary service.

As well as having a complete compliance package on CD-Rom brokers can also access a phone helpline with queries.

Mortgage Intelligence says the CD-Rom contains everything required to be compliant including reasons why letters and a facility for firms to record and monitor staff training.

The service provider for Mortgage Intelligence is Bankhall and all brokers will receive a visit from one of their compliance department within three months of signing up.

It says this is a good time to launch the service as brokers are confused about the implications of regulation and how they can be compliant.

Managing director Sally Laker says: “We are not interested in taking control away from brokers. We want them to keep control of their own business and empower them to be compliant.”

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