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IT solutions keep us compliant too

David Chessell

The recent scaremongering about interest-only being the next misselling scandal emphasises the importance of having all your files compliant, organised and easily to hand.

With recent scaremongering about interest-only being the next mis-selling scandal, regardless of how much empty hype it is, emphasises the importance of having all your files compliant, in order and easily to hand – with evidence of the sales process that you went through.

Even if the interest-only hype turns to reality, everyone who has followed a compliant sales procedure and has all their records in order will be protected from whatever bandwagon the claims management companies want to jump on next.

Making sure you ask the right questions and have the right documentation in place doesn’t have to be traumatic though. There is now a raft of intelligent IT systems that will help to protect you, whatever you are advising your clients on. Clever software will guide you through the questions to ask your client, altering according to the answers you receive; it will also remind you of the evidence you need to gather from the client, and what permissions and agreements you need signatures for. All of this can be tailored to you, your company and your clients if you put the right systems in place.

A fortnight ago we talked about technology helping with basic things such as your client fact find, but intelligent software can also help you with your compliance and workflow and your document management so that you always have the information you need to be compliant and it’s always readily to hand – even if you find yourself on the receiving end of an unscrupulous claims management company.

With the latest announcements on the Mortgage Market Review and lender requirements for mortgage advisers getting ever more demanding it is common sense – as well as financial sense to make sure that our IT takes much of the burden for us.

Without intelligent software, we would do less business and it would cost more. Now next generation IT systems save us time, money, keep us compliant – and protect us from the claims management companies.

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