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Legal & General gets fit with loan code toolkit

Legal & General has added a new section covering training and competence requirements to its Mortgage Code Compliance Board toolkit to help companies meet fitness and properness standards.

The toolkit was launched in November and is updated regularly. It is intended to help L&G business partners in understanding and meeting the requirements of the mortgage code.

L&G says the new T&C section includes guidance on MCCB rules and how intermediaries should interpret the rules.

It also features checklists to help firms ensure they have everything in place for T&C, flowcharts to guide firms through the processes for different types of staff, sample forms, tests and case studies.

It is alerting mortgage intermediaries to the need to spend time creating T&C structures in their firms, establishing a statement of competence, assessing existing staff, setting up processes for trainees and monitoring registered mortgage advisers.

In addition to this toolkit, it also gives intermediaries access to a specially negotiated professional indemnity insurance scheme, another MCCB requirement.

Director of housing marketing Stephen Smith says: “For many firms, the introduction of the MCCB requirements to work in a compliant environment and to run fitness and competence schemes will be a new experience. We developed the MCCB toolkit to guide them through the requirements of the code in a straightforward, easy to follow guide, supported with examples of the materials they will need.”


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