We asked our Compliance Manager her insights on the Finance Industry
Your job title is Group Production & Compliance Manager, what do you get involved in on a day-to-day basis?
As Group Production and Compliance Manager, I have the overall responsibility for the compliance function for the entire Norton Finance Group, reporting directly to the Group Directors. On a day-to-day basis, I manage the central compliance team and work with all department managers to ensure that all areas of the Group comply and adhere to the high level rules and regulatory obligations imposed by the FCA.
You have worked in the Norton Group for over 20 years, what would you say have been the most significant changes during your years here?
There have been many changes over the last 20 years, but the changes from 31st October 2004 onwards have been the most challenging, and dealing with the FSA (now FCA) can also be a complicated task. The FCA taking over the responsibilities for consumer credit from the OFT and, in particular, the changes to the regulation of secured loans was one of the most significant changes. Technology is also one of the biggest changes in our industry.
Would you say regulations have changed for the better for brokers and consumers?
I would say yes, overall. I believe consumers are better protected and with the reduction of interest rates over the last few years this has led to increased choice for a consumer, which is a good thing. However, the increasing pressure from the regulators in relation to lending practices, and increased requirements from regulators will continue to increase the cost of finance for borrowers.
You were involved in the implementation of the Mortgage Credit Directive – how would you say this has changed the industry?
The alignment of the regulation of the first and second charge markets was a positive step. We expect to see increased product innovation in the second charge market in the next 12 months. However, lenders will need to adapt to keep up with the ever improving product ranges, reduced rates and plans to survive.
If you could see one thing change in the industry, what would it be?
The removal of the ESIS for secured loans, as it is not consumer friendly and use a KFI type document for first and second charge mortgages.
And finally, what’s one thing you’d love to tick off your bucket list?
2 things: I would love to go to Palm Springs. I would also like to meet Karren Brady, who shares my birthday and has similar interests to me.