View more on these topics

Vox Pop – Should networks be responsible for KFIs?

Sesame revealed last week that it was to become the first network to take responsibility for ensuring the accuracy of the Key Facts Illustrations brokers get from its customised version of Mortgage Brain and Trigold.

Although Network Data has gone so far as to guarantee the accuracy of data this only applies to KFIs obtained from its own sourcing system, MortgageLink Enterprise Edition.

So, Mortgage Strategy asks: Should all networks take responsibility for ensuring the KFIs that their members obtain from recommended sourcing systems are accurate?

Chris May, The Mortgage Times

We will take overall responsibility for KFIs if the company&#39s chosen software is used. However, some lenders are not guaranteeing this information if it is not taken from their own website and therefore where necessary we will ask appointed representatives to go to lenders directly for this information.

Richard Coulson, Zurich Mortgage Network

Zurich works closely with lenders and sourcing systems to ensure that KFIs are accurate and that they comply with the FSA&#39s rules. On principle, we believe that the overall responsibility lies with the network on behalf of its appointed representative, assuming that the recommended sourcing systems are used.

Steve Clawley, SQ2

Anyone who does not think this is a major issue should refer to the October 2003 issue of MCCB News. The guidance notes refer to a case wherein compensation was paid to a client as a result of the broker relying on the accuracy of their software which was found to be at fault. Different regime but the message is the same.

Stephen Atkins, Freedom Finance

It is great if Sesame and Network Data are accepting responsibility but lenders should not be let off the hook. It is up to lenders to stand up and be counted. In the life industry the product providers are accountable.

Michael Ward, Enable

There is no choice for networks. If it turns that out a KFI is inaccurate then the network has to take responsibility. The question of guaranteeing KFIs is irrelevant. You have to trust the software providers to get it right.

Recommended

CA voices concern over consumer credit rules for lenders

The Consumers&#39 Association has warned that the new rules for lenders on consumer credit may not go far enough to address confusion in the marketplace. The Department of Trade and Industry yesterday announced that all consumers will, for the first time, get clear and detailed information about their credit agreements from lenders before they sign […]

Halifax to increase SVR by 0.25%

Halifax will be increasing its standard variable rate from 6.25% to 6.50% following the recent Bank of England base rate rise. The increase for existing borrowers will come into effect at the same time as the increase in savings rates on July 1. Tracker mortgage customers will also see an increase in rates, again effective […]

West Bromwich anounces record results

The West Bromwich has delivered record business results for the seventh consecutive year, with lending up 55% to £1.6bn. The results show the society&#39s growth rate is up 17% to a record £5bn assets; group pre-tax profits up 11% to a record £30.6m; net saving balances up £249m and mutuality benefits of £25m passed on […]

Networkone service to help members with PR

Networkone is to launch a major initiative designed to take care of the advertising, marketing and PR needs of its appointed representatives. The service, called PRofile, will be launched on July 1 and is believed to be the first service of its kind to be unveiled by a mortgage network. PRofile, which is available free […]

Why your clients need some tough love

In any relationship that matters, professional or personal, you should be upfront with someone if you think they’re making a decision or doing something they might later regret. Being honest with someone and having their best interests at heart, however hard the message, is key to building trust in any relationship. So how does this […]

Newsletter

News and expert analysis straight to your inbox

Sign up