The Regulatory Alliance of Mortgage Packagers has appointed Samantha Foxall as its director of compliance.
The 10 packagers that make up RAMP are all actively developing their businesses to fully comply with the introduction of Mortgage Day. They will each operate their companies as if they were individually regulated.
RAMP has been working with Wragge & Co, LLP's specialist compliance function, since March to develop new procedures. Foxall, who is leaving Wragge & Co for RAMP, has taken a leading role in this process.
John Rice, managing director of RAMP, says: “Wragge & Co has been of great benefit to us and we will continue to work very closely with it. I am delighted that we have managed to secure the services of Samantha, her knowledge and passion will be a huge benefit to RAMP and our lender partners in the future.
“This drives home the fact that we are very serious about compliance. By the time Mortgage Day arrives we will be certain – and so will lenders on our panel – that applications from RAMP members meet every condition of the FSA regime. It is also very important to note that the pure packagers within RAMP will also be embracing the regulations despite there being no legal obligation to do so.”