Bill Warren launches retrospective sourcing system
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Bill Warren Compliance has launched a sourcing system that re-sources mortgages using the original date and data to verify that the most appropriate product and/or lender was recommended at the time.
Working in partnerhsip with Home Buyer Systems Warren believes this service will appeal to firms looking to conduct past business reviews or those simply wanting peace of mind that they have delivered the correct advice to clients.
The Home Buyer System uses Defaqto as its data source, the same source used by the FSA, and it has designed this historic sourcing facility to enable firms, with guidance from Bill Warren Compliance LLP, to defend a complaint or undertake a past business review over a specified time frame.
The service is accurate for all business placed since Mortgage Day and can cover the entire firm or individual mortgage advisers.
Bill Warren, managing director of Bill Warren Compliance LLP, says: “This brand new service will be of considerable value to firms who perhaps have been asked by the FSA to undertake a past business review or just want reassurance that their mortgage business is compliant.
“No more calculations needing lengthy input or recording are needed and the output is completely accurate. The beauty of this service is its accuracy and simplicity, saving money and time for firms in what is a particularly challenging business environment.”
Richard Angliss, managing director of Home Buyer System, says: “It is inevitable now that mortgage regulation is in its sixth year that the need for retrospective information, backed up by the respected resource Bill Warren Compliance LLP can provide, will be absolutely invaluable to firms. This new service delivers just that and we are looking forward to engaging with firms to push this exciting offering out to the marketplace.”
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Readers' comments (2)
Anonymous | 7 Jan 2010 4:45 pm
In theory this sounds great but, the number of times a broker firm will need to use the service is likely to be small (if they plan to use it to defend complaints where they have not kept evidence of their research in their file).
However, this will now give the FSA the chance to examine what other options brokers rejected that might have suited the client's circumstances but the brokers chose not to record - so he may now be unable to justify his recommendation to the regulator (who wouldn't understand the subtleties of mortgage advice but can read a computer screen!)
This could cause more problems than solutions I believe.
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Anonymous | 8 Jan 2010 1:39 am
This sounds about as good as HIPS. What a waste of time and money. If a complaint is raised the original file should have enough supporting info in. If not the complaint should be upheld - simple. Also anyone at the sharp end knows the sourcing systems are not 100% accurate and many a time I have found better deals by approaching lenders direct which have not yet been loaded on to any sourcing system. The sourcing systems can never cover the full spectrum of criteria that lenders assess. On this basis there can always be a reason for an alternative recommendation.
Times are hard. We have the ambulance chasers out already do we really need this?
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