Questions from Hell


Freedom, fairness and responsibility


The theme of coalition extends to the mortgage market as AMI, the CML, BSA and IMLA work together


by


Bill Warren, managing director, Bill Warren Compliance LLP


this month the theme of coalition extended to the mortgage market with ami, the cmL BSa and imLa announcing they were working together to prevent further interference from the FSa. this coalition led by some outstanding industry figures could be the start of some real added value for the mortgage industry which is much in need of good news. the recent ami annual


Q


dinner seems to have demonstrated again the value of a high quality trade body fighting hard to improve the business environment it represents with common sense advice and comment flowing in abundance. nobody’s perfect but a team can be. the last few weeks has seen


several further positive signs appearing with more lenders cautiously returning to the market with both slightly enhanced criteria and LtVs. this alongside new lenders (well done alan cleary) arriving must be adding to the general encouragement for so many firms and individuals still going through a very


When the FSA took over mortgage regulation there was a great deal of discussion about the need for firms and their advisers to obtain permission from clients to make contact in the future. This seemed to be a major issue re-enforced by the Data Protection Act requirements. We as a firm experienced some difficulties recently through a client complaint. The client claimed that we didn’t have an appropriate permission to make contact and neither had we made it clear we were holding the client’s data. Have the rules been changed within the FSA Handbook or the Data Protection legislation to make it easier as we felt we were the exception in being challenged?


I suspect that you may have seen so little reference to this issue as firms and individuals have for some time been complying with the need to obtain client’s written permission to contact them on a regular basis so vital to client’s relations and the commercial needs. Regular reviews of documents that contain both agreements and data protection information would help to


A 20 mortgage introducer JULY 2010


“ The last few weeks has seen several further positive signs appearing with more lenders cautiously


returning to the market with both slightly enhanced criteria and LTVs.”


prevent any further problems as interpretation of the market in data management evolves so does the need to be ‘defensive’ and prepared.


Q


A slightly different area but an experience, which has really annoyed me as I have always considered this requirement important as an adviser. I was contacted by my bank to seek a meeting to discuss a loan, small in amount, which is being repaid as per the contracted payments and dates. They were aware that I had closed down one firm to which the loan related but were worried that it would not be repaid. So much for making payments on time and keeping them informed. The issue that annoyed me, which is minor in one sense but so goes against the grain was that when the man from the bank arrived, he brought his boss with no prior mention or common courtesy. His boss was not introduced and refused to produce a business card to identify himself even after prompting. If I had done the same as an adviser I could have been in trouble. Are there any rules that he and his colleague have breached?


From the information you have given me probably not, only those you mentioned of common courtesy and professionalism. They are employed by a very large worldwide financial organisation and you would have expected them to have attended perhaps one customer service training session or even a TCF event. Sounds very unprofessional as you state.


A Q


If you are a member of AMI, a good question for them I suggest. The consultation to date has indicated the existing rules for approved person/controlled functions will apply. The FSA did say more information in the summer so a further consultation paper or policy statement can’t be too far away.


A


More trade press space is beginning to be used to comment on the new controlled functions CF31 being introduced shortly. Do you know when we will get more detail and do you know if the FSA will require the normal fit and proper checks to be carried out?


challenging time within their businesses. With new and enhanced sourcing systems plus additional features to add value for the mortgage adviser


plus more


buy-to-let funding the feeling of optimism has grown strongly. the big plus for me has to be the creativity and innovation that is being seen, tiuta’s new bridging product being a good example. there have still sadly been more adviser firm casualties however with some well known names going to the wall - a number as a result of the recent high-profile difficulties experienced by the larger networks.


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