Regulation is not just about the organisations which audit us, it’s about the way we work, how you are protected, and the methods we use to remain ethical at every interaction.
At Warners, we take regulation and compliance very seriously. Regulated by the Financial Conduct Authority and our network, PRIMIS, our commitment to ethical practice Is the foundation of our service.
Regulation of the mortgage market came into effect on 31st October 2004 and this is known throughout the industry as ‘M’ Day. Any residential mortgage sold after this date is a regulated mortgage contract, where regulation provides an extra level of protection. As a result of regulation, the Financial Conduct Authority (FCA) are responsible for setting the rules and ensuring that these rules are adhered to by all Advisors and service providers.
To maintain compliance with regulation, all Advisors who provide must obtain industry standard qualifications. These qualifications demonstrate that they are a fit and proper person.
All Warners Advisors have achieved their qualifications, often going above and beyond to achieve those at a higher level than what is required. Very rigorous processes and checks are in place to ensure that Advisors continue to meet these standards and their level of service is maintained. These processes ensure that you are dealing with an ethical and trustworthy Advisor who is able to provide expertise in line with FCA regulations.
We make sure that each of our Advisors qualifications are listed on our website to give you confidence when using our services. We also recommend that when speaking with other Advisors or financial advice firms, you confirm with the firm that they are authorised by the FCA and have met the minimum requirements (if the information is not publicly available).
As part of the regulatory process, an Advisor can be directly authorised by the FCA, where the firm or individual is responsible for ensuring that they meet the standards and processes as laid down by the FCA. Alternatively, you can be an Appointed Representative of an FCA authorised mortgage network, and organisation which ensures that you are suitably equipped to meet the FCA standards.
Warners Financial Services are delighted to be an Appointed Representative of PRIMIS mortgage network, one of the largest networks within the UK. By being a member of PRIMIS, we are fully trained to a standard that meets and exceeds all FCA regulatory processes. We also have the added protection of the PRIMIS professional development programme which provides ongoing training and testing to Advisors to ensure that professional knowledge is tested and validated on a regular basis.
We also have excellent relationships with lenders as a result of being part of the PRIMIS Mortgage Network. The mortgage market is an ever-changing environment, so it is vital to ensure that our advisors are able to provide expert advice at all times.
We are extremely proud of the ethical and trusted service that we provide to our clients, and this is at the forefront of everything we do. We monitor our customer satisfaction levels by sending all clients detailed questionnaires following each and every completion to ensure that not only do we meet client’s expectations but exceed them to meet our expectations.
When things do go wrong (although this is extremely rare), you can be safe in the knowledge that any complaints are thoroughly and independently investigated by PRIMIS. If you are not happy with the outcome of your complaint, you have the option to take this further to the Financial Ombudsmen Service for them to review and ultimately decide if the outcome is just; and that the investigation has been completed in line with the FCA regulations. Warners Financial Services have all the required public indemnity insurance in place for added consumer protection as a part of this.
We take compliance extremely seriously and although we have no regulatory requirement to do so, we have our own internal Compliance Supervisor who ensures that we are working to the highest standards.
Our compliance structure is designed to ensure that our clients are at the heart of everything that we do, and our transparent sales process is designed to ensure that the client is fully aware of the mortgage journey. We provide all clients with a General Terms and Conditions Document which clearly defines the areas of business we are authorised to conduct, the fee which we charge, regulatory information and points of contact for any prospective client.
We also have a network of fully vetted and appointed introducers who are happy to refer clients to us safe in the knowledge that we will provide them with a first-rate ethical service. These introducers obligations are also regulated by the FCA and include firms such as Solicitors, Builders and also financial services firms who do not offer mortgage services.
We are proud of the service you receive, and our commitment to regulating this service. We are Warners – expert advisors, securing our clients services.