Fear of fines from the Financial Services Authority post-Mortgage Day will spur a huge take-up in call recording technology among brokers, claims software firm Veritape.
With its PC-based phone call recording system, CallCentre, the firm is expecting the majority of its business to come from mortgage and general insurance brokers.
MCOB rules require firms to make a record of all aspects of the advice process and the company is one of several offering audio-recording solutions. It expects demand to explode once the FSA begins handing out fines to firms whose compliance falls short of the required standards.
Cameron Ross, sales director at Veritape, says: “We're seeing buoyant demand from insurance and mortgage sectors as well as medium-sized IFAs.”
Roy New, sole broker, says: “Now, when I speak to a client I log it in a file, but to have a word-perfect record would be great.”