New Approved Person Requirements for Mortgage Firms
||On a date of your choice
||Available on application
New Approved Person Requirements for Mortgage Firms - Course Outline & Objectives
The introduction of the new Approved Person categories CF10 (Compliance) and CF31 (Mortgage Advisers) has presented mortgage firms with a number of compliance, governance and administrative challenges.
Not only will firms have to review and possibly restructure their compliance arrangements, reporting lines and resource, they will also have to prepare and support their advisers to achieve and maintain Approved Person status and manage the approval process itself.
Firms that do not secure the necessary approvals in a timely and efficient manner risk serious business disruption and competitive disadvantage, as well as strained relations with the regulator.
This timely workshop has been specifically designed to address these challenges and help both firms and individuals implement the new Approved Person categories CF10 (Compliance) and CF31 (Mortgage Advisers) with minimum disruption in their business.
Attending this practical workshop will help you to:
- Know what the FSA expects from individuals in the new Controlled Functions 10 and 31
- Identify the scope of the changes required and what can be adapted or left alone
- Understand the approval process and criteria for firms and individuals
- Consider the implications for compliance, governance and T&C arrangements in your firm
- Effectively prepare for and manage the approval process for Mortgage Advisers: vetting, registration and support
- Develop a framework to monitor and demonstrate adviser competence and quality of advice
- Establish the steps required to maintain approval: know what to report to the FSA and when
- Gain numerous practical tips on planning and implementation, saving time, money and business risk
- Enhance your regulatory profile and relationship with the FSA
Who Will Benefit?
This focused workshop has been designed to help individuals in mortgage firms responsible for managing, monitoring and administering the new Approved Person requirements. This will include Senior Managers who may be assuming the CF10 Compliance role, as well as Compliance, Sales Management, Training & Competence, Training & Development and HR professionals.
This workshop uses a combination of trainer input, interactive syndicate work and case studies. Group size is kept to a maximum of 16 to ensure the quality of learning and facilitate sharing of experience among the trainer and delegates.
Course Leader: Bill Warren
Bill Warren has spent over 41 years in the financial services industry and in that time has built up a wealth of knowledge relating especially to mortgages and general insurance. Currently running his own compliance consultancy, Bill has worked in sales, customer relations and compliance roles for a number of leading lenders, packagers and networks, including Britannia Building Society, Bristol & West, Lloyds Banking Group and Complete Mortgage & Loan Services, and as a consultant with many more. Bill has also been a Director of RAMP (Regulatory Alliance of Mortgage Packagers), National Compliance Manager for the Mortgage Code Compliance Board and a board member of the Association of Mortgage Intermediaries (AMI) and is currently Non Executive Director of a major mortgage firm, Linx FS. Bill is frequently sought to contribute to industry conferences and publications. He is qualified as a Fellow of the Chartered Institute of Bankers, a Fellow of the Chartered Management Institute, an Associate of The Compliance Institute, CEMAP Qualified, Qualified Lead Auditor (International Register of Certified Auditors-IRCA) and is Sales Management & Professional Selling Certified.
This workshop can also be adapted and delivered in-house at a time and location to suit your business. To discuss your requirements please call us on 0203 170 5779.
|What it means to be an Approved Person
||To understand the significance of Approved Person status and what it involves for both new and existing Approved persons
- What is an Approved Person?
- Why the FSA has introduced the new Controlled Functions: CF10 and CF31
- What will change?
- Approval process and criteria for firms and individuals
- What does this mean for existing approved persons
|What the FSA expects
||To review the regulator’s expectations of Approved Persons and consider how to evidence compliance now and going forward
- Honesty, integrity & reputation
- Competence & capability
- Financial soundness
- Statements of Principle: how they apply and how to observe them
- Providing evidence for the FSA, including CRB checks
Meeting CF10 (Compliance Requirements)
|To identify CF10 responsibilities & obligations and the practical steps to discharging them.
What is involved for existing CF10 approved persons
- Responsibilities-allocating them to CF10 & others.
- Establishing close internal relationships
- Senior management systems and controls
- Risk management and governance
- Linking to business plan and strategy
- Regulatory intelligence, understanding and internal communication
- Training & Competence
- Compliance plan, controls, monitoring & RADAR
- Record keeping
- MCOB, ICOB and sales processes-keeping up to date.
- FSA Regulatory reporting
- Sources of information and support
- Internal “Executive” reporting content
|Ensuring compliance with CF31 (Mortgage Adviser) requirements
||Know how to support and administer individuals applying for CF31 status
What to do to maintain your CF31 Approved Person status
- Managing applications for CF31
- Managing and monitoring adviser competence
- Evidencing ongoing competence
- Demonstrating the quality of advice given
- Maintaining competence & CF approval
||Personal record keeping for CF31s
To know what to notify to the FSA and when
- Range of forms for notification
- Ensuring information is kept up-to-date
- Maintaining Fitness and Propriety
- Maintaining competence
- Establishing a personal development plan
If you are interested in booking this course, or if you have any questions, please call call us on 01908 488170.