Elephant Loans & Mortgages is reducing its compliance cost by becoming part of a brokerage network.
This move will reduce costs by £100,000 a year.
The loans packager will put all its mortgage activity through the network of FT Partners. FTP offers services including the management of compliance and operational costs, training and product and sales support
The Consumer Credit Act reforms in April will add a further tier of compliance according to Elephant chief executive Gary Miller-Cheevers. That means a significant increase in costs but they will be lower as part of the network.
The shares slipped 0.05p to 0.3p.
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