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Goldsmith Williams launches due diligence broker guide

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  • 07/09/2011
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Goldsmith Williams launches due diligence broker guide
Goldsmith Williams has launched a guide to help intermediaries conduct due diligence on legal services firms before referring their clients to a conveyancer.

The online ‘due diligence kit’ is a seven-point guide that outlines the key checks brokers should make on legal services providers, including investigating a firm’s management structure and professional credentials.

Firms that work with Goldsmith Williams can also download a completed version of the kit, including copies of relevant certificates and accreditations.

Eddie Goldsmith, partner at Goldsmith Williams, said: “Across the mortgage sector, we are seeing an unparalleled focus on the importance of compliance, as lenders tighten their panel selection criteria and regulators make continued efforts to clamp down on industry fraud.”

He highlighted that the FSA thematic review clearly set out that firms will have to increasingly show they have made checks on third parties before making a referral.

Goldsmith said: “This may seem as an unwelcome further compliance burden, but with growing concern over the financial stability of providers, including conveyancers, this is becoming an inevitable next stage.

“That means conducting due diligence before they refer clients to legal services providers, which represents new territory for the vast majority of intermediaries. We hope the kit helps brokers to navigate unchartered waters and provide a robust service to their clients.”

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