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MCCB to ensure supervision by random checks

The MCCB says it will enforce last December&#39s examination qualification requirement with random checks and reviews of sales processes, writes Harriet Williams.

Supervision arrangements will come in for special attention amid fears that some intermediary firms are using compliance networks to rubber-stamp unauthorised advice.

A senior industry source told Mortgage Strategy: “Brokers without CeMAP or MAQ qualifications are readily accepted into the remote supervision network. But in some cases, you suspect there is no practical supervision at all.”

Brad Baker, spokesman for the MCCB, says: “Firms cannot outsource compliance to another firm. But if a network takes responsibility for compliance, then supervision within that network is allowed. We don&#39t expect a supervisor to be present all the time, but do expect a greater degree of supervision for brand new advisers.”


New scheme targets postcode-specific leads

The National Mortgage Helpline is seeking independent mortgage advisers interested in a consumer-facing lead generation proposition. The new service provides mortgage advisers with leads to individuals interested in mortgage advice in specified postcode areas. The leads, generated through a 24-hour telephone helpline and the company&#39s web site,, are immediately forwarded to the appropriate adviser […]

Newcastle Building Society launches offset tracker mortgage

Newcastle Building Society has launched an offset tracker mortgage at 4.5% with no early redemption penalties, and with an initial discounted rate of 3.9%. The product, which the society believes is market-leading, is available to potential and existing homeowners. The initial rate of 0.1% below base (3.9%) for six months reverts to 0.5% over base […]

The Staffordshire pilots bill payment service

Staffordshire Building Society is piloting a new scheme which, if successful, would mean that members could arrange the supply of their telephone, gas and/or electricity services through the society and make one payment each month. The new service is to be called Staffordshire PaymentPlus and will be available to both existing members and non-members of […]

Britannia&#39s online mortgage application offers 10-minute decision

Britannia Building Society has this week launched an online mortgage application which enables applicants to obtain a real time, credit scored, online decision for their mortgage in 10 minutes. The entire application process at, including receipt of a decision and entry of all other relevant information, is expected to take individual applicants just 15 […]


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