Brokers struggling with technology

BM Solutions says half of all brokers are failing to recognise the potential of technology as an effective way of keeping records and producing audit trails.

Its One Specialist IT Index has revealed that while brokers recognise that technology can help them with compliance, only 49% cited audit trails and record-keeping as a benefit of technology when conducting compliant business.

However, more than two-thirds believed the speed of technology assisted them in the regulated world. Furthermore, six in 10 brokers believed that technology allowed them access to more information, which helped them to conduct compliant business.

The findings come after the Financial Services Authority cited incomplete record-keeping as an area of concern. It suggests that while brokers recognise the potential of technology, not all have fully utilised the benefits that it 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. Technology is the only sustainable way 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.”