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Enterprise Finance receives FCA confirmation of variation of permissions PDF Print E-mail
Thursday, 03 September 2015

Enterprise Finance has received confirmation from the Financial Conduct Authority (FCA) that its application to vary its permissions – by adding ‘advising on regulated mortgage contracts’ – has been approved.

The seal of approval from the regulator comes more than six months ahead of the implementation of the Mortgage Credit Directive (MCD) on second charge mortgages in March 2016 and means Enterprise Finance already has the necessary permission to operate an advised sale on a second charge mortgage under the new regime.
The master broker’s submission was approved within 11 weeks of submission and means Enterprise has full permission to give advice on all regulated mortgage contracts – including bridging loans – that fall under the regulator’s jurisdiction.  
Jackie Steel, Group Compliance Officer at Enterprise Finance, said: “The last few years have seen significant regulatory change for the second charge mortgage market with the move away from the Office of Fair Trading regime, to the interim period under FCA consumer credit governance, to the absorption into the mainstream mortgage legislation in March 2016.
“We are very pleased our application has been successful and that it was approved as smoothly and quickly as it has been. This means we can continue our planning and preparations for the next year and beyond with the confidence that all our systems and processes are exactly in line with what the regulator is expecting.” 
Danny Waters, Chief Executive Officer at Enterprise Finance, said:  “At Enterprise Finance we’ve always fully embraced the opportunities presented by increased regulation and the enhanced transparency it affords consumers. The specialist lending market has evolved over the last few years and we are sure that the MCD regime represents a positive step along the path to future growth and improvements.
“Full regulation of the mortgage market has helped improve standards in the home loan industry in the past decade or so and we are confident that the second charge mortgage sector will reap similar rewards in the coming years. Consumers will feel more comfortable using products that are regulated in the same way as existing loans they have already taken out and intermediaries that have hitherto ignored the versatility and flexibility of second charge mortgages will be more alive to their potential once they are governed in the same way as conventional home loans. These are exciting times for the industry and we are glad to be ahead of the curve in receiving our necessary permissions so far in advance of the implementation date.”

(Source -  Enterprise Finance Press Release)


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