IT can help brokers combat complaints


The Financial Services Authority recently revealed that the number of mortgage complaints increased in the second half of 2009, and as a result the amount of redress rose to over £5m.

While it’s apparent that some irresponsible lending occurred most brokers are hard-working, honest individuals who want to do the best for their clients.

Many just offered what was available at the time, and some of the deals were amazing. But we now know that some were too tempting for consumers who stretched themselves too far.

Of the complaints that were upheld, I wonder how many brokers were let down by inadequate record-keeping whereby their systems didn’t provide the evidence to show they followed FSA guidelines or even their own processes when providing advice.

It’s worth bearing in mind that the more your IT system can automate processes, the more secure your business will be.

Are your documents automatically stored, uploaded, and time and date-stamped? Does your system store dates and times of changes made so you have a history of client interactions? If your clients access your website, can you track their movements on it?

Following and documenting the correct sales process not only helps show your clients are treated fairly, it protects your business too.

By automating processes you not only increase time efficiency but you also start to guard against complaints, not because you didn’t give the right advice but because you couldn’t prove it.