The BM Solutions One Specialist IT Index has revealed that one in two brokers are failing to recognise the potential of technology as an effective way of keeping records and producing audit trails.
Whilst brokers do recognise that technology can deliver benefits to aid compliance, only 49% of brokers cited audit trails and record keeping as a benefit of technology when conducting compliant business. However, more than two thirds believed the speed that technology delivered assisted them in the regulated world. Furthermore, six in ten brokers believed that technology allowed them access to more information helping them to conduct compliant business.
The findings come after the Financial Services Authority cited incomplete record keeping as an area for concern, and suggest that while brokers recognise the potential of technology, not all have fully utilised the benefits that technology can offer in assisting them to meet the FSA requirements.
Martin Reynolds, head of sales at BM Solutions, says: “In the two most recent reports into sub-prime and self-cert the FSA found brokers needed to improve their record keeping methods. Technology is the only sustainable was to achieve this.
“Brokers should look to utilise the full benefits that technology has to offer in helping them to conduct business in a regulated world.”