Delegates representing interests across the mortgage industry came together in London for the first meeting of the Mortgage Compliance Forum last month. The meeting, at Kensington Mortgages offices in Paddington, was chaired by Nick Battersby, compliance director of the Regulatory Mortgage Packagers’ Alliance.
The MCF says its aims are to develop and improve relationships between lenders, intermediaries and regulators, as well as contributing to the development of requirements to treat customers fairly, and principle-based strategies across the industry. The forum also wants to promote dialogue with the Financial Services Authority and share views before policy decisions are completed, as well as encourage greater industry cooperation on compliance and other FSA initiatives.
The 12-strong membership of the MCF is represented by lenders, directly authorised intermediaries, mortgage packagers, mortgage networks and RAMP, which the MCF says is designed to create a broad-based environment in order to influence future regulatory issues.
John Rice, managing director of RAMP, who has been appointed as spokesperson for the group, says the MCF wants to represent the whole mortgage industry, and is looking to invite dialogue with all segments of the market in order to better represent the regulatory concerns of the industry.
The principal concerns the MCF will be debating in the immediate future are TCF, payment protection insurance, the quality of advice with particular emphasis on self-certification, and the ongoing Effectiveness Review in respect of both the Mortgage Conduct of Business and Insurance Conduct of Business requirements.
John Rice says: “We want to work with any existing body that is currently engaged with the FSA.
“This forum is designed to be inclusive and help towards providing the focus which will assist all parties to make the evolution of regulation a matter of cooperation and proactive debate, rather than an unwilling resignation.”
The next meeting of the MCF is set for the end of April, when the FSA is expected to have made further announcements relating to principles-based regulation.