Written on 28/09/2022

SMF 17 – the role that has a ghostly place in mortgage firms.

Under  SMF published guidance - click here - Firms that are mortgage brokers should appoint an SFM17.  However IFAC have been told by FCA that it is not appropriate for mortgage brokers to apply for SMF17.  How so?  After several lengthy telephone conversations with those that rule us, IFAC concede the point.  After all, the FCA can apply the rules as they see fit.  So a large number of Mortgage broker firms do NOT have this role. 

However, the story does not end there. Do not anticipate consistency!  In recent applications FCA now require it again, but we are advised on this on a case by case basis.  A case of, we launch the rules, and then take our pick! 

IFAC advice is to always apply for it, and only back down when requested.  All licences are valuable assets, and when you've got a licence, keep it safe.  If you havent already signed up for IFAC training, then look up our well attended SMF17 training.

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