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| CML Compliance Adviser Joins Leadbay |
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| 7th May 2007 |
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Leadbay has appointed Mike Davies as its Compliance Adviser. Leadbay places the highest priority on compliance and its whole system has been designed around ensuring that the potential borrower gives express consent to a named adviser calling them, to ensure that each lead is compliant and also has the highest likelihood of being converted into business.
Mike will be ensuring that Leadbay continues to practice the highest standards in compliance throughout the business. He will help to ensure that Leadbay maintains its exemplary standards in express consent and all of its financial promotions; he will also be advising on the new Consumer Credit Act and is helping Add Momentum, Leadbay's parent company, to become directly authorised with the FSA.
Mike has extensive knowledge of compliance having run the compliance function at Bristol and West and Bank of Ireland for over 11 years. He is a member of the CML Non-Conforming Working Group and is a regular speaker at CML seminars.
Simon Baker, Operations Manager at Leadbay says, "Mike will play a central role in our business. The mortgage and loans arena is becoming increasingly regulated. It is of the utmost importance both for Leadbay, and for the mortgage and loan advisers that we work with, that all of our leads are of the highest quality and have the highest chance of being converted into business. This can only be achieved if the leads have been obtained in a compliant manner.
"Any adviser contacting a lead that has not been obtained compliantly stands to lose out significantly as they could be both fined by the FSA and have to restore the consumer to the financial position they were in before the loan was sold." |
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| Notes for editors |
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| Leadbay Loans and Leadbay Mortgages form part of Add Momentum which launched in the summer of 2003. It focuses on delivering innovative services that are customer-focused and easy to use. Its ethos is to bring people and technology together; to help people to fulfil potential, achieve new things and make a real difference. |
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The Advantage
Our leads are primarily sourced through the internet from customers who have
confirmed they are actively seeking a mortgage or loan, and wish to speak to an
advisor.
The Security
To ensure that the process is within FSA guidelines, Leadbay has been reviewed
and endorsed by the top UK compliance firm
threesixty
Our Goal
Leadbay's immediate goal is to provide the best service to mortgage and loan
advisers and professionals, by sourcing fresh internet enquiries. These are
then sold in the most flexible way possible, at the prices you want to pay.
Leadbay's long term goal is to become the industry leader, and through quality,
innovation and value for money, set the standard in lead provision.
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