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AMI issues compliance factsheet

The Association of Mortgage Intermediaries has issued a factsheet designed to help members make the leap from between MCCB and FSA compliance.

The factsheet, entitled “A Tale of Two Regulators”, provides practical assistance and guidance for mortgage intermediaries who want to identify what they need to do differently to comply with the FSA&#39s regulations. In just 15 pages, the factsheet examines issues such as training and competence, the advice process, complaints handling and regulatory reporting. Its simple &#39compare and contrast&#39 style makes it an easy read.

Chris Cummings, director of AMI, says: “Every intermediary firm will have to make changes to meet the FSA&#39s requirements and stay compliant. However, that&#39s easier said than done. Many of our members who are fully MCCB compliant wanted a step-by-step guide to the issues they would have to address. This is where the factsheet comes into play.”

He adds: “It will take time and energy for intermediary firms to prepare themselves for the onset of statutory regulation. We have already seen the FSA contacting firms that have applied for directauthorisation in order to check how they&#39re progressing with theirpreparations. The message is clear: if you fail to plan, you&#39re planning to fail.”

The factsheet is available from the AMI website ( or by telephoning AMI on 0207 628 1288. It is free to members.


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