Just over 18 months ago we informed the market that we had appointed a Compliance Officer and to be honest the response from many of our peers was shock:

“why do you need a compliance officer?”.

Emma Marsden our Compliance Offcier is an industry specialist who has spent much of her career providing customers with funding solutions, both working for funders and as a broker. Emma’s unique quality though was having the benefit of several years working in the highly regulated mortgage market and that insight into what was coming our way was invaluable.

Emma has spent the last 18 months gaining recognised compliance industry qualifications and also putting in place the foundation for our policies and procedures, ensuring we are able to meet the regulators requirements. Discussions with the Financial Conduct Authority (FCA), highlighted the fact that they want to see policies and procedures written with our business and industry in mind, rather than off the shelf policies from solicitors or consultants, which in many cases do not reflect what we do, so Emma’s understanding of the industry has given us an undoubted edge.

When asked about the last 18 months Emma said:

“Wow, what a journey !”

” Having worked in a regulated industry before, I had an indication of what to expect, but having to define polices and procedures for what we do has been a real learning experience.”

“Couple that with taking my qualifications and auditing our current network it has been a really busy 18 months. I now feel a huge sense of achievement and I know the business is fully prepared for whatever comes our way”

“One thing for sure; this isn’t the end of the journey, it is just the beginning and we will have to continue to adapt as the regulator learns more about our industry and amends the rules.”

“We now have systems and controls in place that will ensure we remain fully compliant as will our network.”

Indeed an amazing 18 months and the decision to appoint Emma has proved instrumental in the development of the business, interestingly one that many of our peers, who were shocked at the time, seem to now be replicating themselves.