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Network aid to mortgage compliance

A new network for mortgage intermediaries which is des-igned to help them meet compliance standards and get ready for the FSA regulating mortgage advice is being set up by Network Data.

Network Data, which is mainly a supplier of mortgage sourcing software, is intending to help brokers be prepared for the compliance standards which the FSA will demand from 2004.

It estimates that about 10,000 companies in the mortgage sector could be looking to join a network to service their needs and it aims to recruit about 300 of them this year.

The network is being laun-ched at a series of roadshows starting on February 25.

Intermediaries will be told about the services they will receive from the network for £40 a month.

Intermediaries signing up before the end of April will get a 50 per cent discount on the standard fee.

Network Data says it can afford to run a network on these fees because it is using software it has already developed.

It will take responsibility for members&#39 compliance, cover their MCCB registration and professional indemnity insurance, monitor advice and suitability of mortgages chosen and monitor disclosure requirements.

Members will get free mortgage sourcing, illustration and quotation software and IT support and training.

National sales manager Peter Gladdy says: “Maintaining compliance under a more formal regulated structure will not only be time-consuming but also expensive.

“Outsourcing support to a market specialist will be an attractive option.”


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