The firm will provide compliance expertise and guidance for RAMP’s members in the run up to 31 October 2004, when mortgage business will be regulated by the Financial Services Authority.
Financial services partner Jonathan Denton is heading a team with compliance advisor Samantha Foxall. The team will undertake a gap analysis of each RAMP member, highlight problem areas and prepare an action plan to ensure full compliance prior to Mortgage Day.
John Rice, managing director of RAMP, said: “We have taken on Wragge & Co, who have significant expertise in this area, to review the processes that all our members have in place. By the time Mortgage Day arrives we will be certain that applications from RAMP members meet every condition of the FSA regime.”
Jonathan Denton said: “Getting ready for 31 October is a pressing issue for mortgage packagers. We are happy to help RAMP’s members address the difficulties of adapting to the change in legislation and the new regulatory regime. Winning this work is an indication of the strength of Wragge & Co’s financial services capability.”
RAMP’s nine members account for £3.8 billion of the non-conforming market each year. Founder members include County Mortgage Services, Solent Mortgage Services, mdnationwide, Enterprise Homeloans, Vesta Money, EM-Financial, The Finance Centre, Pavillion Securities and IMB.
