Goldsmith Williams Launches Due Diligence Kit for Brokers
Goldsmith Williams has launched a special guide to help brokers conduct due diligence on behalf of their clients prior to making a referral to a firm of conveyancers.
The national firm of solicitors has devised a Due Diligence Kit (DDK) to help intermediaries respond to the increasing focus on regulatory compliance throughout the mortgage industry.
The seven-point guide is available online and outlines the key checks a broker should perform on legal services providers, including an investigation into the company’s management structure and its professional credentials.
Furthermore, brokers that have existing relationships with Goldsmith Williams can download a completed version of the DDK, along with copies of the relevant certificates and accreditations.
Eddie Goldsmith, partner at Goldsmith Williams, said: “Across the mortgage sector, we are seeing an unparalleled focus on the importance of compliance as lenders tighten their panel selection criteria and regulators make continued efforts to clamp down on industry fraud.
"The FSA’s thematic review, whilst concentrating on lenders’ processes nevertheless clearly sets out the case that anyone making a referral to a third party has to increasingly show that they have carried out some checks for probity. This may seem as an unwelcome further compliance burden, but with growing concern over the financial stability of providers, including conveyancers, this is becoming an inevitable next stage.
"That means conducting due diligence before they refer clients to legal services providers, which represents new territory for the vast majority of intermediaries. By contrast, Goldsmith Williams has long been accustomed to the highest regulatory compliance and we hope the DDK helps brokers to navigate unchartered waters and provide a robust service to their clients."
Click here to access the DDK or call 0845 373 3737 to request a copy.
Content correct at time of publication