The Mortgage Lab, which has 18 advisers across the country, has confirmed plans to work under Kepa's FAP licence. As part of that decision, it has begun a "compliance review" of its advice services, with the help of the group.
The business said working under Kepa's licence allows it "to maintain the independence of its brand and proposition to market, whilst leveraging the corporate capability and resources" of Kepa.
Mortgage Lab mortgage advisers have begun to submit files for review to help Kepa "identify any gaps and provide assurance that best practice standards are being adhered to", the adviser businesses said in a statement.
Rupert Gough, CEO of The Mortgage Lab and Head of Kepa Home Loans, said the adviser business and group were working hard to transition to the new advisers' regime. He told TMM Online he was working to make it "as smooth as possible for advisers", and would give other Kepa members the option of having their own FAP.
"Above all, we want to make sure we don't have any gaps in our process and are providing the best service and outcomes for our clients," he said.
Kepa CEO Brendon Neal, said: "Kepa has been preparing to become a licensed FAP under the new regime for over a year and the move to complete compliance reviews is one of the critical steps in providing assurance to business owners and the directors of the future licensed entity that processes are fit for purpose and being adhered to."
Leigh Hodgetts, who joined Kepa in September from Astute Financial, will be in charge of the compliance reviews.
Hodgetts added: ‘We want to make sure we have a review process that’s robust but that equally doesn’t create unnecessary administration burden on advisers or Kepa’s compliance team.
"Kepa has firmly established its go-forward position as a FAP option and outsource service provider for members looking to licence directly when the new regime comes into force next year and will be sharing more detail with its members at their annual conference on October 23 and 24."