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This presentation provides an overview of the critical role mortgage brokers play in assisting consumers with mortgage decisions and the necessity of obtaining FCA authorisation. It highlights the key FCA rules, including MCOB and SM&CR, that brokers must adhere to for compliance. The presentation also outlines the essential requirements for obtaining FCA authorisation, such as Professional Indemnity Insurance and suitable management. Additionally, it explains the concept of Appointed Representatives and Principal Firms. Finally, it emphasizes how MEMA Consultants can offer tailored support and expert guidance in navigating the complex FCA compliance landscape.
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Mortgage - A mortgage is a long term loan that is extracted on a property with a secured repayment to buy a property. Therefore, if you do not keep the repayment terms, then the lender can sell the property, sell it and maintain the money that is owed. Any balance is given to you. If the property is sold in less than your lender, you still are liable to repay the deficit.
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