View more on these topics

Lenders should see the RMAR from a broker’s point of view

From Chris French

We have just completed our RMAR. While the industry has gone in for navel-gazing and self flagellation over KFIs, little has been written about the completion by brokers and networks of the RMAR and how this process could be assisted by the product providers.

A good start would be for lenders to highlight in bold and coloured type all cases that are unregulated (buy-to-let etc.) so they can be ignored when aggregating business for the return.

Next, the lenders should be aware that the month end has become crucial to brokers and therefore stop sending commission statements that include completions covering more than one month. They could also help by paying commissions earlier. If our RMAR is to the end of July, we had to have it submitted by 12 September. There’s no use lenders advising us in September of a completion that took place in July. It would be helpful for lenders to advise of completions and commissions by no later than 21st of the following month.

The non-investment providers should not get away with it either. Much of the above applies to them too. We want statements showing a risk date, the monthly or annual premium (and which of these it is), the amount of commission paid (and whether it is indemnified or drip), the class of insurance (and if this is life and CI to split the information up) and to get the information to the broker or network (whatever the arrangements are) no later than 21 days after the month the policy is effected.

The product providers would be treating the brokers and networks fairly if they tried to see the RMAR from our point of view.


Jeffrey joins The Complete Network

The Complete Network the mortgage network within Complete Mortgage and Loan Services Limited has appointed Jackie Jeffrey to the newly created post of compliance officer training and competence. In her new role, Jeffrey will be field-based and will be offering dedicated T&C assessment, training and general support to The Complete Networks appointed representative members. Jeffrey […]

Chelsea revamps its niche mortgage range

Chelsea has revamped its mortgage range, focussing on niche products. The product changes for both self-cert and buy-to-let will include a 250 cashback on the sub-prime range. Tom Gurrie, intermediary sales controller at Chelsea, says: “We have focussed our re-pricing on our niche products with new fixed rates for both self-cert and buy-to-let. In addition […]

Scottish Widows and HML part ways

Scottish Widows Bank is to end its association with Homeloan Management.The relationship between the two firms stretches back nearly 10 years. Scottish Widows Bank will now move its growth and transfers portfolios to an in-house system.Graeme Hartop, managing director of Scottish Widows Bank, says: “This decision in no way reflected any dissatisfaction with HMLs service […]

Callum McCarthy identifies behaviour issue facing customers

Callum McCarthy, chairman of the FSA, today spoke at the First Joint European Competition and Consumer Day about behavioural issues facing consumers in the financial retail market. McCarthy emphasised that seeking to solve these issues would be an important step towards creating an efficient market, and provide an opportunity for the FSA to reduce its […]

Childcare - thumbnail

Three questions for employers…

The Family and Childcare Trust’s annual survey has been widely reported in the media and the two headline figures were these: the average cost of a nursery place for a child under two has risen by 33 per cent since 2010; and the costs have risen by five per cent in a single year.


News and expert analysis straight to your inbox

Sign up