Launched by the Consumer Credit Centre, part of the SimplyBiz Group, the helpline has been set up for intermediaries still confused about how the Mortgage Credit Directive (MCD) will impact their businesses.
David Golder, managing director of the Consumer Credit Centre, said: “Sadly, there is still very little experienced support available to firms which have already moved between OFT and FCA regimes and are now required to meet the demands of the MCD.”
Golder said during a recent round of compliance workshops he spoke to many brokers concerned about which permissions were needed to meet the requirements for the European directive.
“Some were worried they had left it too late, whilst others had applied for permissions unnecessarily wasting both time and money for all concerned,” he added.
Bridging lender West One reported similar queries from its brokers prompting it to launch a further round of compliance workshops, which initially ran in January. Managing director Duncan Kreeger said while it was commonly known that second charge loans would move under the mortgage conduct regime after 21 March, there would also be implications for second charge bridging loans and certain types of buy-to-let lending.
“We’ve fielded a steady stream of queries from brokers since the final rules were published last March which has grown in volume as the deadline edges closer,” said Kreeger.
“Happy as we are to help brokers with these individual requests, we thought it would also prove useful to hold a session where intermediaries can hear from our compliance team in person about the implications of MCD and in particular how they submit cases given the new paperwork required and new measures such as the reflection period.
West One plans to hold its next workshop in mid-March.
Brokers wishing to call the MCD helpline should call 0808 1240010.
