Home Finance
Bovill's work in the home finance sector includes working with both lenders and intermediaries. In addition to regulated mortgage contracts, our expertise extends to regulated home reversion plans and also second charge and unsecured lending under the Consumer Credit Act. We also provide services to niche providers of credit, including short-term bridging finance houses.
Our all-encompassing approach assists firms with creating clarity where different regulatory regimes co-exist and results in proportionate compliance arrangements in niche lending and broking operations.
In addition to assisting firms with FSA authorisation, there are a number of ways in which we can help firms ensure that appropriate compliance arrangements are in place. We can carry out tailored "Healthchecks" to assess compliance with FSA requirements in all the key regulatory areas, including MCOB, senior management arrangements, systems and controls, complaints, training & competence, and appointed representatives. We can help you define your approach to Treating Customers Fairly (TCF) by assisting with your gap analysis, providing an independent perspective on strengths and weaknesses of your approach.
We can help firms meet requirements under the Consumer Credit Act and can also help them address related regulatory areas such as Data Protection Act and Money Laundering Regulations.
We can also provide an on-going support service to help firms ensure that compliance arrangements and procedures remain up to date whilst providing support in relation to regulatory reporting.
We have a number of clients who conduct much of their business via internet channels, whether directly, or as introducers to others through advertising and hyperlinks. This kind of business can raise quite complicated issues, in terms both of regulated activities and the requirements about financial promotions. We can advise on points to watch.
We expect the extension of the regulatory perimeter to include sale and rent back schemes to provide further regulatory challenge to those firms active in this area. The Bovill team will be fully engaged with developments in this area in order to be able to assist firms with their preparations for authorisation.