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MS2M launch compliance research initiative on behalf of mortgage and insurance industry

Friday 14th March 2008

Compliance specialists Management Services 2000 (MS2M) announce the launch of a major research project to assess the risk profile of insurance and mortgage intermediaries with regard to their compliance with FSA regulation. The findings will provide valuable information on how well intermediaries are performing with regard to compliance and what the risk profile of the intermediary population as a whole is likely to look like in reality.

Research overview
• The following lenders and insurers are taking part: Abbey, ABC Insurance (part of LV=), Assurant Solutions, Birmingham Midshires, Fiat Financial Services, Equity, Future Mortgages (part of CitiGroup), GMAC RFC, Halifax HBOS, Highway Insurance, Newbury Building Society and Standard Life.
• The lenders and insurers select the brokers that they would like to make these questionnaires available to for free (130 in total)
• Brokers complete the questionnaire
• MS2M provide the lenders / insurers, brokers and the FSA with comprehensive management information, non attributable to the intermediaries. This MI will analyse at each sponsors level and be aggregated to provide a risk profile for the two sector specific populations. The reports show what the risk profile looks like i.e. areas of strength and weakness for the lender/insurer groups and participants as a whole

MS2M’s compliance service – mysatcom.net
MS2M have developed mysatcom.net, a quick, accurate and effective way for mortgage / insurance brokers and financial services providers to regularly check and monitor their current compliance performance.

The original GI Questionnaire content was provided by GI expert Branko Bjelobaba who has worked extensively in the sector and whose SATCom paper based questionnaire received British Insurance Brokers Association (BIBA) endorsement. The collaboration between MS2M and Branko Ltd was the first step towards establishing a compliance portal which will ultimately make other sector specific questionnaires available.

Over 250 firms have already benefited from the service and it is considered to be the best solution on the market today.

By answering a series of questions using mysatcom.net, a company can produce an analysis of how they are doing with regard to compliance, coupled with a detailed action plan for those areas where they could do better.

In approximately 60 minutes, mysatcom.net will establish what progress a firm has made towards achieving compliance in all the key areas, in 4 easy to follow stages:

1. Choose which service you would like to purchase;
• an overview report showing any gaps
• a detailed report showing any gaps together with an appropriate action to address them
• a detailed report plus a telephone discussion with a consultant to answer any other questions that the firm may have

2. Simply complete the relevant mysatcom.net questionnaire.

3. Answers are then evaluated against the latest complete compliance standards for the specific industry sector.

4. The results are then compiled into a detailed report showing the company’s performance against each standard – providing an up-to-date account of their present situation.

All the information is stored securely in the strictest confidence.

Julie Alderson, Director, MS2M commented: “The purpose of this research is to provide those taking part and the wider insurance and mortgage industry with an accurate snapshot of the current position with regard to compliance performance. Brokers taking part will get, courtesy of the lenders and insurers, a free company health check with gap analysis report and action plan. Lenders and Insurers taking part will be seen to be taking positive and proactive steps to ensure the quality of the service being provided by their intermediaries is consistent with their own standards. The wider mortgage and insurance industry will also benefit from access to this invaluable information and can act accordingly.”

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