Clever Lending, the master broker, are well on the way to ensuring all of their staff, systems, processes and administration will be ready for the new MCD regulation prior to the March 2016 deadline.
A dedicated training and competency team are working to ensure all Clever Lending staff will be CeMap qualified long before the regulations are implemented. Regular engagement with lenders and brokers is also making certain there is a high degree of knowledge as to what is required to administer secured loans in the same way as first charge mortgages.
In addition to this, Treating Customers Fairly (TCF) is at the heart of their new process to make sure positive customer outcomes remain central to the company’s direction. This is important because as the new regulation date approaches, there will be new procedures to explain to clients – disclosure requirements (the same as for mortgages), a new information sheet (the ESIS), a 7 day reflection period and binding offers.
From research carried out, not all brokers are yet aware when the regulations kick in, or that cases must be completed before the cut-off date. If a case doesn’t complete in time, any pipeline cases need to be subject to the new rules. However, as Clever Lending will be ready well in advance of this date, they will have the option to process cases later in the year or early next, under the new guidance. This will help to ensure there are no adverse effects on the pipeline or the client journey.
Sonny Gosai, Sales and Operations Manager, said: “We are well ahead of schedule for the new regulation. We are in constant touch with our lenders to ensure we implement the advised process when it is desired and practical for all parties. But we’re confident everything from a training, compliance and systems point of view will be in place well before the required date.
“Not only that but we are well prepared for making sure the customer has the best possible experience as the new regulation begins. After all, they are a vital part of this process too and we aim to make it as seamless as possible from the current process to the new, particularly those who have an application in the pipeline as the key date approaches.”