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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.”

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