Business development director Nigel Gardner Gardner says legal contracts were sent to Genesis only three days before M-Day, with pressure from lenders for them to be signed and sent back for the start of regulation.
Gardner says all packagers and lenders have had to revise packaging agreements but a big proportion of them have simply left it too late. The consequence is likely to be that business cannot be conducted with lenders until contracts are returned.
Genesis is also concer-ned that it and other firms have not received appointed representative numbers from the FSA, even though all the network’s ARs have been through induction, training and compliance.
Gardner says: “The contracts are with our legal dep-artment and we will do our best to get through them. But lenders wanted them to be signed off by November 1. This is a big issue but it is outside our control.”