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Y3S receives full FCA authorisation ahead of MCD deadline

  • 23/09/2015
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Y3S receives full FCA authorisation ahead of MCD deadline
Second charge master broker Y3S Loans has received authorisation from the Financial Conduct Authority (FCA) ahead of the Mortgage Credit Directive (MCD) which goes live in March next year.

The news follows an announcement from Enterprise Finance earlier this month that the broker had received approval from the FCA to advise on regulated mortgage contracts.

Changes brought about by the MCD will see second charge mortgages regulated in the same way as first charges, meaning secured loan brokers will need to be fully authorised to offer advice.

Joint CEO Barney Drake (pictured) said: “We welcome full authorisation and the imminent implementation of the MCD which will help to bring second charge loan products into the forefront of broker’s minds. As a second charge can often be a better solution than a remortgage, this can only be a good thing for their clients.”

Rhys Thomas, compliance director at Y3S, said: “Over the last year or so we have been gearing up for the regulatory changes that we face. To have gained full FCA authorisation is recognition of our ongoing commitment to ensure that the policies and procedures that we have in place will continue further drive up standards for the protection of our introducers’ customers, meaning the best possible outcomes are delivered.”

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