View more on these topics

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.



Focus should be on money markets, not on sub-prime

I was interested to read on Mortgage Strategy Online about Moore Blatch’s call for nationalised banks to provide sub-prime mortgages, stating that if necessary the government should force them to offer such deals. The firm says that the number of those who would be classed as sub-prime is nearing one million. It argues that using […]


Wider implications of home ownership

The Consumer Credit Counselling Service has called for first-time buyers to sit an exam before being given a mortgageThe debt charity suggests that this will limit the trend of people getting into debt as a result of rushing into purchases they neither understand nor can afford. The recession has had a big impact on the […]

Pensions - thumbnail

Mothers missing out on millions

New HMRC figures show number of ‘mothers missing out on millions’ in pension rights has doubled in two years – Steve Webb Figures published on 24th March by HM Revenue & Customs show a doubling in the number of mothers missing out unnecessarily on vital pension rights because of a change in the rules on Child […]


News and expert analysis straight to your inbox

Sign up