Shawbrook provides guidance for brokers on Financial Conduct Authority (FCA) permissions
Shawbrook Bank’s Commercial Mortgages division has released its own set of guidelines around FCA permissions to support brokers following the transfer of responsibility for regulation of consumer credit business from the OFT to the FCA.
The guidelines are the latest in a number of materials produced by the Bank to help provide clarity to the broker community. In addition to its HMO valuation methodology released last week, Shawbrook has responded to feedback from its brokers with two documents designed to support brokers’ businesses throughout this period of regulatory change:
The guidelines are intended to make the changes as simple and straightforward as possible by highlighting important regulation, identifying common misconceptions and outlining possible scenarios.
Karen Bennett, sales and marketing director, commercial mortgages, Shawbrook Bank said: “Shawbrook supports any regulatory change which aims to improve the industry and we are fully dedicated to helping our brokers understand how the FCA’s consumer credit regime may affect them. The Shawbrook Broker Barometer is a great tool for understanding our brokers’ needs and the areas of the market that need clarifying. After a review of the most recent feedback from our survey, it was clear that there remains some degree of confusion around the FCA permissions required to operate in the commercial mortgage market. Therefore we have sought to clarify our stance and assist brokers to understand the implications for their business by producing the Shawbrook Guidelines for Broker Partners.
“We are confident that this material will prove valuable for our Broker Partners and that it will assist them in understanding the regulatory framework for credit broking activity.”