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FCA/APCC Liaison Meeting
22nd October 2014
1
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Agenda
1.00
Connect update and feedback (Gillian Lavabre)
Mortgage Credit Directive (Lucy McClements)
2
1.30
AIFMD (Susan Tyldesley)
1.45
Consumer Credit: update and feedback from the regional
forums (Keith Cooper & Baljit Bhamra)
2.15
Contact Centre: quality controls, professional
accreditations, customer satisfaction survey
process/results, and common queries (Mark Adams)
2.45
AOB
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Connect update & feedback
Gillian Lavabre
3
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Second Charge Mortgages, Buy
to Let and the Mortgage Credit
Directive
Lucy McClements
4
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MCD implementation
5

HMT is principally looking to FCA to implement

Will need to make changes to FSMA and
secondary legislation, eg Regulated Activities
Order (HMT to decide on scope exemptions)

Second charge loans to transfer into mortgage
regime with the Directive
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FCA provisional timetable
6

MCD consultation out now – closes 31 October
2014 (HMT also consulting)

Aim to consult on B2L in early January 2015

Aim to publish final MCD rules in March 2015

Aim to publish final B2L rules early Q2 2015

MCD comes into effect 21 March 2016

There are no transitional arrangements
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Authorisations
 Firms will need to apply for mortgage
permissions (in addition to other credit
permissions they may hold)
 We are reviewing the application process with
the aim of making it easier for firms to apply
for multiple permissions
 Timetable is tight as there are no ‘transitionals’
for firms meaning firms must have mortgage
permissions to conduct 2C business post
21 March 2016
7
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Firms
 Firms with mortgage permissions will cover 2C so may
not need to apply
 Firms without mortgage permissions can start preparing
by:
 Planning now
 Looking at the application for first charge home finance
providers to get an idea of the documents that need to be
supplied
 Reviewing current policies and procedures, especially now
the consultation paper has been published
 Prepare to submit applications in Q2 2015
8
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Contacts
Beverley Brewster – 020 7066 0930
Technical Specialist
Richard Eager – 020 7066 2492
Manager
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AIFMD
Susan Tyldesley
10
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AIFMD Applications
• AIFMD team update
• Applications received by 22/07/14: 1131
• Awaiting determination: 168
• Applications received post 22/07/14: 41
• AIF Schedule “missing data items”
exercise
11
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Consumer Credit
Keith Cooper & Baljit Bhamra
12
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Customer Contact Centre
Mark Adams
13
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The Firm Contact Centre
•
•
•
14
Covers FSMA and Consumer Credit
In September we answered 13,321 calls and replied to
2,009 pieces of correspondence
Reasons for contact:
FSMA
Consumer Credit
Correspondence
Fees
Authorisation/Registration
Handbook
ONA
CCI Portal
Authorisation/Registration
Authorisation/Registration
Fees
ONA
Handbook
Interim Permission
General
Gabriel
OFT
Gabriel
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Accreditation
15
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Our approach to quality
• Every Associate is quality monitored
• Minimum of 3, maximum of 12 pcm
• Scores by:
•
•
•
16
Associate
Team
Overall
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Our approach to quality
• September performance:
•
•
Calls: 79%
Correspondence: 79%
Understood Issue
Correct Answer
Answer Correct
Managed Expectations
Managed Expectations
Key Messages
Call Control
Communication
Communication
+ve Engagement
+ve Engagement
Calls
17
Emails
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Customer Satisfaction
• Offer IVR and email surveys
18
• IVR surveys sent:
• Email surveys sent:
1,323
323
• IVR response rate:
• Email response rate:
73%
25%
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Customer Satisfaction
• We ask different questions on the IVR
and on email
• Use a verbatim rating scale
Calls
19
Emails