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Jessica Darnbrough
The weight of greater compliance is adding a significant burden to the time spent on each application, one broker has claimed.
Speaking to The Adviser, Property Planning's Will Foster said NCCP had forced him to work, on average, 1.5 hours longer on every loan application.
"NCCP is definitely having a negative impact on my business in terms of time management. It takes longer to do every single deal, which limits the amount of business you can write, unless you employ additional staff to look after the administration duties," he said.
According to The Adviser's latest comprehensive industry wide NCCP survey, more than one in three brokers are working an additional five hours every week under the new compliance requirements.
Moreover, an incredible 73.6 per cent of the 441 brokers surveyed said NCCP has increased their work load "substantially".
But while brokers are definitely doing more work under the new legislation, Connective principal Murray Lees said things will eventually get easier.
"Brokers that put in the hard yards now, can expect positive returns in the future," he said.
"Compliance will become second nature and the property market will pick up, so brokers that work hard will find that when the cycle goes around again they will be very well positioned to take advantage of it."
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