Special Official Note For Mortgage Brokers

herbiesjp

Joe_Bloggs wrote:

@Herbiesjp I think you may have invented your own fancy word. I do this all the time. It is the meaning conveyed that counts.
J_B.(Fonetiks rool(.

I woz nevr gud at spelling !

:rotfl:

Another succinct post!

payless

herbiesjp wrote:

Hands up ! - I was told to copy Payless's signature when I first joined by one of the mods.

No reason to re-invent the wheel

kenshaz

MortgageMamma wrote:

Perhaps we should omit the company name itself but disclose our FSA authorisation number, then provide a link to our regulatory details on the fsa register?

For example. I am authorised by the Financial Services Authority registration number 447352. Please go to www.fsa.gov.uk/register to ascertain my regulatory details.

or, for example, just a "my regulatory details are available upon request"

That looks like advertising to me.

HelpWhereIcan

kenshaz wrote:

That looks like advertising to me.

And I wonder if the FSA would say the MCOB rules interpret it the same way.

My letterheaded paper has to have the risk warning, fee statement etc on it cos a strap line in my logo mentions the word mortgage. (will not go into the debates I have had about this with my network)

Dare to say that the FSA would consider such a statement as a promotion - especially seeing as a member of the public (kenshaz) has interpreted it that way.

MortgageMamma

well we could sit around all day wondering what the FSA would interpret as a promotion - but from my point of view, if you have to disclose your regulatory details on all official documentation, and on your IDD before you advise your clients then why would disclosing your FSA registration details to the general public be deemed as promotion!?

I think there is far too much paranoia from brokers in general about what views the FSA will take on this that and the other if you have decent compliance support then you should not have to worry. How long before the worried brokers are so concerned they quit the industry completely?! I think its all getting a little bit ridiculous, the FSA are not monsters.

AndrewSmith

HelpWhereIcan wrote:

And I wonder if the FSA would say the MCOB rules interpret it the same way.

My letterheaded paper has to have the risk warning, fee statement etc on it cos a strap line in my logo mentions the word mortgage. (will not go into the debates I have had about this with my network)

Dare to say that the FSA would consider such a statement as a promotion - especially seeing as a member of the public (kenshaz) has interpreted it that way.

Thats why I think the suggestion of non mortgage based usernames and signatures (current statistics etc can be attached to a changed username if appropriate) is a good idea as it removes any abiguity or possibly insinuation of advertising, promotion, breach of FSA MCOB rules etc.

After all, as none of us are here to tout business why would it be an issue?

kenshaz

MortgageMamma wrote:

well we could sit around all day wondering what the FSA would interpret as a promotion - but from my point of view, if you have to disclose your regulatory details on all official documentation, and on your IDD before you advise your clients then why would disclosing your FSA registration details to the general public be deemed as promotion!?

I think there is far too much paranoia from brokers in general about what views the FSA will take on this that and the other if you have decent compliance support then you should not have to worry. How long before the worried brokers are so concerned they quit the industry completely?! I think its all getting a little bit ridiculous, the FSA are not monsters.

HelpWhereIcan has perceived that, from the viewpoint of a consumer this would constitute promotion and I applaud his insight,because I do not want to be led in any direction.No the FSA are not monsters they are looking after my interests,and by the looks of it so is HelpWhereIcan.

MortgageMamma

Sorry am I being accused of something here? I don't like the way this thread is going. As I am the only broker (that posts regularly) with the word mortgage in my username it seems to me like its being insinuated, and not very tactfully at that, that I am using this site for advertising purposes.

If we are all so concerned about what the FSA's view is on this, then why don't we, as in the collective "we" get in touch and ask them for their viewpoint?

AndrewSmith

MortgageMamma,

This thread is not about you in particular so stop being so defensive. There are a number of brokers who post on this site who's usernames could possibly be construed as an indication to their profession. Why do you construe everything as an attack on you?

What difference does it make if your username is changed to a non-mortgage one and the signature removed? The moderators I beleive have the ability to transfer all appropriate stats linked to that username to a new one. That way you lose nothing.

This is a thread for everyone to put their suggestions forward which do seem to be going down the road on anonymous usernames and no signatures. Whatever the majority agree to is what I assume Martin will want to go with.

Everyone is simply just having their say so chill out will you?

Instead of jumping to the defensive immediately why not put forward a valid argument for keeping the usernames/signatures as they are as this seems to be what you would prefer? You never know you may win the agreement of everyone?

HelpWhereIcan

MortgageMamma wrote:

well we could sit around all day wondering what the FSA would interpret as a promotion - but from my point of view, if you have to disclose your regulatory details on all official documentation, and on your IDD before you advise your clients then why would disclosing your FSA registration details to the general public be deemed as promotion!?

I think there is far too much paranoia from brokers in general about what views the FSA will take on this that and the other if you have decent compliance support then you should not have to worry. How long before the worried brokers are so concerned they quit the industry completely?! I think its all getting a little bit ridiculous, the FSA are not monsters.

Sorry Lisa, but I think the MCOB rules are very clear on this.

http://www.fsa.gov.uk/pubs/policy/ps186_vol2.pdf

pg 46 MCOB 3.2.2 (2)

Qualifying credit promotions may be communicated for
example, by means of:
...
(g) presentations to groups of customers; and
(h) other publications, which may contain nonpersonal recommendations as to obtaining qualifying credit.

The only exemptions are on pg 47.

(1) an illustration produced in accordance with the requirements of MCOB 5 MCOB 6, MCOB 7 or MCOB 9;
(2) a qualifying credit promotion which contains only one or more of the following:
(a) the name of the firm (or its appointed representative);
(b) a logo; My logo's strap line says 'Solving your Mortgage Puzzle' and is deemed a qualifying promotion!!! Could this not be similar to having a username with the word mortgage in it. I was told "use 'solving your puzzle' and you may be ok", stick the word mortgage in it and it's a qualifying promotion.
(c) a contact point (address (including an e-mail address), telephone or facsimile number);
(d) a brief, factual statement of the firm’s (or its appointed representative’s) main occupation; Hence saying you are a mortgage adviser not being one. Inviting people to inspect your status or level of services may be considered to be one.
(3) a qualifying credit promotion which can lawfully be communicated by an unauthorised person without approval;
(4) a qualifying credit promotion communicated from outside the United Kingdom which would be exempt under articles 30, 31, 32 or 33 of the Financial Promotion Order (Overseas communicators) if the office from which the qualifying credit promotion is communicated were a separate unauthorised person (but see GEN 4.4.1R (Business for

I am not one of those who is paranoid - I have yet to write to Mortgage Strategy calling for the good old days to return, but I have worked in a regulated environment for approx 12 years (and will be here for a few more) and have learned that the easy way to get into bother is to assume that the FSA will be ok with something when their guidelines suggest otherwise.