Compliance help for brokers

Comprehensive compliance support is available to intermediaries, despite a recent survey that highlighted their dissatisfaction with the support offered by providers.

CeMAP Regulatory Services, a division of the Institute of Financial Services, offers a service for brokers which includes a helpdesk, a monthly newsletter and unlimited access to its website for a fee of 85 plus VAT for 12 months’ subscription.

The impartial compliance guidance service was launched in a partnership with the Council Mortgage Lenders to fill some of the gaps left by the Mortgage Code Compliance Board and to develop a range of services needed by those in the industry.

Katherine Lee, regulatory services specialist at CeMAP RS, says: “I often see articles about how dissatisfied brokers are with compliance services. Sometimes all they want is to be able to pick up the phone and be directed to the information they need rather than be baffled by the Financial Services Authority.”

A recent survey by Pink Home Loans showed that nearly half of intermediaries were not satisfied with their compliance support services.

Lindsay Cook, sole trader, says he welcomes the support he’s received from the CeMAP service.

Cook says: “The service comes with direct access to compliance specialists via both the helpline and website. Any compliance matters raised over the past 12 months have been fully researched on my behalf and dealt with quickly.

“Since M-Day a number of compliance support firms have entered the market offering a range of expensive services to the broker community. I investigated the offers of these other compliance support providers and found nothing that could better the service available from CeMAP Regulatory Services.”

He adds: “Naturally I feel that other brokers should be made aware that CeMAP Regulatory Services is available to them.

“And it is brought to the market by the Institute of Financial Services, an organisation the intermediary community can trust.”