Brokers fail to capture TCF data

Data management firm iiCon has warned that a large number of brokers still don’t have systems capable of meeting the regulator’s Treating Customers Fairly initiative. Even brokers who submit applications online will only store 50% of their client communications, with the rest being provided verballyor in email correspondence.

Ross McAdam, director of iiCon, says: “An average face-to-face consultation lasting two hours would typically require over 16 pages of typed text to record verbatim, and any subsequent phone queries would also need to be recorded.” The firm says systems that can offer 100% data capture at a minimal cost are now available.