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A Practitioner's Guide to Mortgage Regulation

A Practitioner's Guide to Mortgage Regulation

Author: Christopher Cummings
Publisher: Sweet & Maxwell U.K.
ISBN: 9781905121243
Published In: July 2007
Format: Paperback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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This was a follow up to A Practical Guide to the FSA's Regulation of Mortgages by the same author. from the foreword by the Rt. Hon. John Gummer MP:

Statutory mortgage regulation fundamentally reshaped the mortgage market back in October 2005. Yet, even so, regulation doesn’t stand still. Instead, sometimes by degrees sometimes by leaps and bounds, it continues to change the dynamics of the industry. Practitioners, busy serving their clients, often find the pace and the degree of change a serious concern. This book provides them with the essential tools to keep abreast of those changes and understand and prepare for what is to come.

The mortgage industry has always prided itself on being a low risk and low complaints business. This is the financial service where consumers are best engaged. The increase in the value of property; the willingness to tap into that equity; and the growth of public understanding of the mortgage market has increased intermediary business. That increase has proved that information and education are good prompts to help people discover that they benefit from professional advice. The consumer media – both in terms of articles helping educate consumers and best buy tables giving them comparative information - has meant that re-mortgaging activity has increased substantially and the market has developed dramatically.

It is a dynamic, entrepreneurial, and fast moving market - one of the most sophisticated and competitive in Europe. To date, regulation has not hindered its ability to serve its customers and we must work hard to ensure that this remains the case. Appropriate and proportionate regulation benefits both the firm and the consumer but regulators must realise when they cross the line and, instead of protecting consumer, begin to rob them of their right to choose and decide for themselves. Rewards only come with risks attached. We must learn again the meaning of caveat emptor. It is not a licence to mislead or to excuse low professional standards but it is a necessary part of a dynamic market place. It allows for innovation and enables risk taking. Absolute protection is absolutely certain to mean a mediocre return.

The market awaits the European Commission’s Mortgage White Paper with concern. It is important that we engage with the Commission to ensure they understand that the retail market is performing well and has the consumer properly in mind. Regulation is the last resort not the first option and the Commission would be better to focus its attentions elsewhere.

I am sure that this book will help all of us to have a better understanding of the challenges now faced by the market. There is no doubt that those who plan for change and seek ways to influence it will fare far better than those who simply wait and accept what comes. Practitioners have the opportunity to shape the market, not least through membership of the Association of Mortgage Intermediaries. It is important that all who rely on the industry for their livelihood play a bigger part than ever before in its development. This book will help all of us to make a difference.

Part One: A Brief Review of Regulation

Chapter 1: The Mortgage Code and the Road to Statutory Regulation, Brad Baker, Managing Director, Repucare Ltd.

Chapter 2: The Role of the Financial Services Authority in the Mortgage Market, Chris Cummings, Director General, & Vanessa Moore, AMI

Chapter 3: An Introduction to the Financial Ombudsman Service, Chris Cummings, Director General, AMI

Chapter 4: The Role of the Financial Services Compensation Scheme, Loretta Minghella, Chief Executive and Heather Tilston, Head Of Communications, Financial Services Compensation Scheme

Part Two: The Advice Process

Chapter 5: Training & Competence for Mortgage Intermediaries, Jayne Owen, Chief Executive, Corporate Training Partnerships Ltd

Chapter 6: Fact Finding, Research and Demonstrating Suitability, Bill Warren, Compliance Director, Complete Mortgages

Chapter 7: Mortgage Advice in Particular Parts of the Market, Bill Warren, Compliance Director, Complete Mortgages and Chris Cummings, Director General, AMI

Chapter 8: The Role of Sourcing Systems, Bill Safran, Chief Executive Officer, Trigold

Chapter 9: The Role of Packagers and Mortgage Distributors, Victor Jannels, Chairman Of Atom and Pmpa

Chapter 10: Advising On Mortgage Protection Products, Steve Devine, Head of Group Corporate Communications, Pinnacle Insurance Management Services Plc, Vanessa Moore and Chris Cummings, Director General, AMI

Chapter 11: The Second Charge Mortgage Market, Stephen Atkins, Group Compliance Director, Freedom Holdings Ltd and Kate Robinson, Freedom Holdings Ltd.

Chapter 12: Regulation and the Grey Mortgage Market, Dean Mirfin, Business Development Director, Key Retirement Solutions and Chris Cummings, Director General, AMI

Chapter 13: Professional Indemnity Insurance and Its Role in Complaint Prevention, Neil Pointon, Chief Executive and Robert Bass, Director, Pyv Ltd.

Chapter 14: Offshore Mortgages, Simon Conn, Managing Director, Conti Financial Services

Chapter 15: Mortgage Lead Generation, Vanessa Blount, Head Of Paaleads.com

Chapter 16: Financial Promotions, Chris Cummings, Director General, AMI

Chapter 17: Preparing for an FSA Visit,Chris Cummings, Director General, AMI

Chapter 18: Treating Customers Fairly in the Mortgage Market, Chris Cummings, Director General, AMI

Chapter 19: The Complaint Management Rules, Adam Samuel, Adam Samuel Training & Consulting Services

Chapter 20: Handling a Complaint at the Financial Ombudsman Service, Adam Samuel, Adam Samuel Training & Consulting Services

Part Three: Surviving and Thriving

Chapter 21: Surviving and Thriving as a Directly Authorised Mortgage Intermediary,Ray Boulger, Senior Technical Manager, Charcol

Chapter 22: Regulation and its Impact on Mortgage Networks, Sally Laker, Managing Director, Mortgage Intelligence

Chapter 23: Regulation and its Impact on Service Companies, Ken Davy, Chairman, Simplybiz

Chapter 24: Regulation and its Impact on Mortgage Clubs, Nick Baxter, Director, Mortgage Promotions Chapter 25: The Growing Role of European Regulation, Nic De Maesschalck, Director and Alina Domaradzka, Legal Assistant, BIPAR

Chapter 26: Raising the Bar for Professionalism, Richard Fox, Chief Executive, Society of Mortgage Professionals

Chapter 27: The Future of Mortgage Regulation, Chris Cummings, Director General, AMI

Christopher Cummings, Director General, Association of Mortgage Intermediaries