Second charge packager Y3S Loans has obtained authorisation from the Financial Conduct Authority ahead of the implementation of the Mortgage Credit Directive in March 2016.

Y3S, based in Cardiff, packages secured loans as well as offering bridging finance and commercial mortgages.

Barney Drake, joint chief executive, said: “Our introducers use Y3S time and time again because for 14 years we have built a solid reputation for speed and efficiency in dealing with remortgage applications that, for whatever reason, have ‘fallen out of bed’.

“We welcome full authorisation and the imminent implementation of the MCD which will help to bring second charge loan products into the forefront of broker’s minds.

“As a second charge can often be a better solution than a remortgage, this can only be a good thing for their clients.”

Y3S Group’s introducers have delivered over £100m of loans to clients this year, representing a 12.5% share of the UK’s second charge market.

Rhys Thomas, compliance director at Y3S, added: “Over the last year or so we have been gearing up for the regulatory changes that we face.

“To have gained full FCA authorisation is recognition of our ongoing commitment to ensure that the policies and procedures that we have in place will continue further drive up standards for the protection of our introducers’ customers, meaning the best possible outcomes are delivered.”