View more on these topics

Network Data throws brokers a lifeline on loan exams

Mortgage group Network Data is throwing a lifeline to brokers who fail to pass their mortgage exams by the end-of-year deadline by taking full responsibility for their compliance and training.

Network Data says the aim of the move is to prevent many brokers going out of business.

The mortgage network is launching its trainee supervision scheme this month in advance of the Mortgage Code Compliance Board&#39s deadline of December 31 when brokers must have a Cemap or Maq qualification.

It denies it is exploiting a loophole in the rules and says the MCCB is allowing it to use the network&#39s single registration number for trainees because its aim is to get all members qualified within the next two years by implementing a rigorous training regime.

Around half of Network Data&#39s 400 members have yet to qualify and will be supervised by a registered mortgage adviser who will electronically monitor trainees&#39 client documentation.

On top of a one-off network joining fee of £40 per firm, trainees pay £10 per factfind the network checks for compliance but it says this amount will be increased as an incentive to qualify.

National sales manager Peter Gladdy says: “Without this, some sole traders or small partnerships would have no option but to leave the business. We will take full responsibility for our members under our MCCB number.”

Recommended

SVM goes continental

SVM Asset Management has introduced the continental Europe fund, an Oeic that aims for capital growth by investing mainly in European large caps. The fund is benchmarked against the FTSE World Europe ex UK index and despite the focus on large caps, the portfolio will also include mid-caps that appear to have high growth potential. […]

Pru £20m would be better spent on improving service

I was most bemused to read your report about the Plan from the Pru last week.This “campaign” was almost certainly timed to coincide with the announcement of the Pru&#39s move to India, a development likely to lead to an even poorer level of service to both the Pru&#39s long-suffering customers and IFAs alike.Surely the £20m […]

A step closer to pan-European pension

The European Court of Justice has ruled that tax breaks for pensions should apply across borders, in a judgment seen as another step towards a pan-European pension. German Rolf Danner living in Finland successfully argued that his German contributions should benefit from the same tax-breaks as if they had been paid into a scheme in […]

DBS firms&#39 anger over member supervisor

DBS members are angry at the network&#39s insistence that all firms with more than two RIs appoint a “member supervisor” to take on a new compliance and training role following a review by the firm.Members say these dut-ies should be performed by the network and means that firms will have to fund the new role […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment