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Titcomb gives an alert over common platform

Mortgage brokers must ensure they are up to speed with the FSA’s “common platform” when it comes into force next year.

At the Mortgage Business Expo in London, FSA director of small firms and contact centre Lesley Titcomb reminded mortgage brokers they must be aware of chapters four to 10 of its senior management arrangements, systems and controls rules. These rules mainly control outsourcing and conflicts of interest. They state that if a conflict of interest takes place, it must be addressed and recorded.

The FSA will also demand that mortgage firms’ senior staff do not delegate their regulatory responsibilities.

Titcomb says: “We do not expect that well run firms will need to make any major changes overall but you should familiarise yourselves with the common platform and, in particular, look at the outsourcing requirements, which are the most important change for intermediaries.”

Telos Solutions project director for mortgage compliance Richard Farr says: “This is the big thing. It is an unengaging title but by April next year, brokers must have made any changes to their business or they will face enforcement. Brokers should be having tens of people working on this.”



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