With the clock ticking fast and a matter of weeks left before General Insurance (GI) day on the 14th January 2005,
The new compliance fast track service combines templates that enable mortgage brokers to align their business to the procedures and processes required by the FSA. All the documents are available electronically and will form an FSA Process Manual. In addition, the service offers online training for staff in the General Principles of Insurance and the FSA Regulations, plus, access to Comply-INS which offers online testing that is specific to the insurance products on which individual businesses mediate”.
Mortgage brokers who have applied for authorisation have, by making the application and receiving a ‘Minded to Authorise’ letter from the FSA, already committed to have in place the required processes and procedures, from sales and handling complaints through to HR & Recruitment by 14th January 2005. Failure to be and remain compliant with the FSA rules could lead to severe financial penalties, as well as the disciplining of principals and staff
Tony Worthy, Managing Director, Compliancy Services Ltd, comments: “With a matter of weeks left until General Insurance day, the options for the mortgage industry are limited. What is required now is an online fast track system that will help businesses become compliant in time for GI day.
“As a direct response to the market, we at Compliancy Services have developed a fast track route to compliance with our innovative Compliance-In-A-Box service. The package offers mortgage brokers all the vital tools required online to ensure their business is compliant within the time constraints that are now prevalent”.
