Regulation of secured loans
Regulation of secured loans has changed significantly for the better over the last 5 years and is now under the FCA’s guidance. The major factor to note for any mortgage adviser or IFA is that the FCA now state when looking for a financial solution for your client that all avenues must be explored and fully documented in order to adhere to current regulatory ruling. This includes quotes for a secured loans and retaining documented evidence of such activities.
Secured loans advice is provided by our sister company Omega Secured Loans which is a trading style of Omega Financial Services Limited, a company authorised and regulated by the Finance Conduct Authority (FRN 918180)
In order for our Introducers to comply with these requirements we provide both a quote and a ‘reason why’ letter for their file. We also take responsibility for the advice on which each secured loan product is given, and also compliance requirement within the process.
Compliance is our number one priority for secured loans, every call is recorded for compliance and security purposes and each member of our secured loans team receives ongoing training and monitoring in accordance with FCA guidelines.
