View more on these topics

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.”


Management restructure at Skipton

Following the early retirement of two of Skiptons executive directors, the society has made several appointments. With the society and its 16 subsidiaries, the position of group corporate development director has been created to ensure the Group remains on target for future growth. Leading in this role will be David Cutter, currently the societys operations […]

Barclays to invest more in Woolwich products

Barclays has admitted that it needs to invest more into its mortgage products through The Woolwich brand next year. The bank recently decided to bring its entire mortgage processing inhouse and will also count service as a key priority for 2006. It hopes the decision to take control of its mortgage operations from product development […]

Oakwood recruits eight from HBOS and BM Solutions

The Oakwood Group, the London based private equity firm focused on the specialist lending sector, has made eight appointments. The following people are expected to join Oakwood in 2006, once their contractual obligations towards their current employers are fulfilled: Chris Preston, head of operational credit at HBOS specialist lending; Colin Barrett, senior product manager at […]


News and expert analysis straight to your inbox

Sign up