Lansard Financial has launched a new compliance package designed to help brokers fulfil all their compliance needs.
The Mortgage Compliance Documentation System (MCDS) pledges to cover everything associated with the Mortgage Code. Simon Mann, head of sales and marketing at Lansard, believes it can cut costs for a large number of firms.
He said: ‘For many companies it is a major cost saving. For a company to create its own compliance manual it would need to look at the code, regulation rules, the sales process, and data and credit acts. It would have to turn that into a system, which would take four to six weeks.’
As regulation under the FSA looms, it is vital brokers meet all of the compliance requirements and this may prove difficult for some of the smaller brokers.
Rod Murdison, proprietor of Murdison & Browning, said: ‘A firm can have a compliance officer which is fine, but if it is smaller it has to hope it has everything in place to satisfy compliance procedures. A compliance disc is very useful.’
Murdison says brokers have a lot to do in in order to maintain compliance requirements.
He said: ‘If you read the legislation, there are certain things you need to do, for example, if you have a website you must include it on promotional literature.
‘Most of the mortgage sourcing software comes from a product sourcing point of view, whereas Lansard’s comes from a compliance point of view.’
The software incurs a one-off charge of £250, plus an additional £12 a month if an update is required.