View more on these topics

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.”

Recommended

Profit alert from Inter-Alliance

National IFA Inter-Alliance has issued a profit warning to the City, blaming market conditions and litigation.The Aim-listed IFA says it does not expect to be back in the black until 2003.It believes the FSA&#39s depolarisation plans are a “major opportunity for the company”, fuelling speculation of a takeover by a major provider.Money Marketing revealed in […]

The positive potential

An end to polarisation now looks all but inevitable. The industry had been anticipating the FSA&#39s proposals and the details last week should have surprised few.The FSA&#39s consultation document certainly means a fundamental change for product providers and IFAs alike.But if a change to the existing regime is rubberstamped, the future should not be viewed […]

NDF recovery plan wipes away the tears

NDF Administration has targeted the NDF recovery growth plan at investors who have had a miserable time on the stockmarket.This guaranteed equity bond is linked to the FTSE 100 index and was designed to give investors the chance to recoup some of their financial losses, while giving a degree of capital protection during the five-year […]

Pension IFAs set to polarise

Pension IFAs look set to split between offering independent advice for high-net-worth clients and multi-ties for the mass market as a result of the FSA&#39s polarisation and commission proposals.IFAs operating in the top end of the pensions market such as in Sipps and SSASs are thought likely to stay independent as many already work on […]

Derek Stuart: where to find value in the UK?

Derek discusses a number of Œself-help stories as examples of where he is finding good opportunities in the UK With the FTSE trading at historically high levels, many investors have questioned whether UK equities continue to offer value. But, as Derek points out, the headline figures mask many opportunities at a sector level. He has […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com