Paradigm Mortgage Services has announced the next stage in its provision of support on Mortgage Credit Directive (MCD) compliance for all directly authorised (DA) advisers.
Over the next two days at the Financial Services Expo (FSE) London show in Old Billingsgate, event sponsors Paradigm will be available on stand M7 providing all attendees with access to a Free MCD Health Check. This is a continuation of the MCD-focused sessions which Paradigm has been undertaking at its own mortgage and protection events which are being held throughout the autumn.
An MCD-focused flowchart will be used to steer firms and they will also be provided with an action plan to take away which will include details of practical changes that need to be introduced prior to the implementation of the Directive in March next year.
Following FSE London, all firms will be able to secure the MCD help and advice they need, and details of the forthcoming mortgage and protection events, by visiting the dedicated web pages on the Paradigm website.
Bob Hunt, chief executive of Paradigm Mortgage Services, said: “We are almost at the six-month countdown period to MCD compliance and with lenders already announcing how they intend to progress through that period, it is vitally important that all advisory firms, particularly DAs, have the necessary processes in place to ensure compliance. This is why Paradigm Mortgage Services is putting significant resource into developing support and tools which outline a practical pathway towards next March.
“It’s crucial that plans and preparations are begun now in order to firstly develop an understanding of what is required under the Directive, but also how this will change the services offered and documentation needed, and how each firm can feel comfortable with the requirements.
“We, and the entire intermediary community, are lucky to have Christine Newell, Paradigm’s mortgage technical director who is working on a range of resources and supporting documents that will ease firms along the MCD compliance road. To us, FSE London gives us the opportunity, in particular, to speak to those DA firms not currently using Paradigm in order to discuss how we can best support them, from both a business and a regulatory point of view.
“MCD will change the dynamic of the marketplace and it is therefore important that firms use distributors that offer the full range of business opportunities. We have set a challenge at FSE for advisers – can a 10-minute chat with us turn into the most profitable time they will spend this year? We look forward to seeing all FSE adviser attendees at Old Billingsgate over the next two days.”