As part of any good CeMAP course, delegates are taught about the importance of FSA (Financial Service Authority) compliance.
However, according to a recent report by Mortgage Brain, many mortgage advisors ignore the advice reports, warnings and many promotional campaigns run by the FSA.
Mortgage Brain commissioned the recent report, which shows more than 57 per cent of mortgage intermediaries are ignoring the need to have adequate systems in place. Many of them do not use back-office or CRM (Customer Relationship Management) systems to manage their compliance and business requirements.
The survey was part of the company’s annual market research and included over 1,000 intermediaries. The study investigated mortgage sourcing, compliance services and products and electronic trading.
The CEO of Mortgage Brain, Mark Lofthouse, said:
“There are still mortgage advisers out there who don’t appear to have suitable systems and processes in place to meet regulatory requirements. With the FSA re-doubling its enforcement actions it’s imperative that intermediaries have robust systems and processes in place, which can clearly demonstrate that their customers have been treated fairly and that the entire mortgage sales process is adequately documented.”
When you get your CeMAP qualification, it is important to follow all FSA guidelines or you may be fined or even banned.