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's 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's 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.