Ex AMI director Farr launches Telos Compliance

Former AMI director Richard Farr has given his backing to new compliance and redress advice service Telos Compliance which launches today.

Telos specialises in the mortgage, general insurance (GI) and payment protection insurance (PPI) sectors.

It has designed a scalable system to help both large and small firms meet compliance requirements, as well as assisting firms that fall foul of regulation to give proper redress to their customers.

The service is being developed by experienced figures in the mortgage and compliance fields, including the former director of the Association of Mortgage Intermediaries, Richard Farr, and Stephen Atkins from the Small Businesses Practitioner Panel.

Telos Compliance will offer assistance to intermediaries and lenders with six key services, including liaison with the regulator, FSA visit preparation, redress calculation and processing and past business reviews.

The company also wishes to work with other compliance firms to create a standardised model for calculating redress and how to implement various aspects of the FSA’s principles based regime.

“Telos wishes to work with the rest of the compliance consultancy sector,” explains Farr, “sharing its knowledge, systems and influence to provide better outcomes for firms, their customers and the authorities alike.”

He says the FSA’s three-year supervisory plan, which involves visits to every single mortgage intermediary firm in the UK, means many firms will need to ensure they are meeting regulatory standards, and many may wish to examine past files for potential breaches to avoid hefty fines.

“Some firms will have bad business on their books where compliance standards were not met,” he says.

“It’s in their interest to start pro-actively seeking customers who have lost out and offer redress rather than facing an FSA fine on top of the costs of compensation by not taking action until the regulator visits.”

Telos Compliance has launched a website containing information about the initiatives it is working on, case studies and links to relevant sections of the FSA’s site.

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