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Bankhall MD warns of triple regulation pressure on broker firms

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  • 13/07/2017
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Bankhall MD warns of triple regulation pressure on broker firms
The managing director of Bankhall, the compliance arm of Sesame Bankhall Group, has warned brokers to prepare themselves for increased regulatory scrutiny as several directives loom over the market.

Julie Sadler pointed to the Senior Managers Regime, the Insurance Distribution Directive and the Mortgage Market Study, as drivers of future increased regulation.

Appointed representatives can rely on their own networks to implement additional processes to comply with new regulations but directly authorised (DA) brokers must shoulder the extra responsibility.

To support DAs, Bankhall has launched a service which will give brokers access to regulatory experts and will allow them to buy a package of compliance measures which includes face-to-face compliance audits and remote post-sale file reviews.

The impact of the Senior Managers Regime is not yet known, however, the Association of Mortgage Intermediaries has said its biggest project next year will be helping brokers prepare for the increased responsibilities. Implementation is expected to begin in 2018.

The Insurance Distribution Directive will be implemented in September, while the findings of the Mortgage Market Study are expected to be published in quarter one next year.

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