The Mortgage Market Review has had us intrigued for some time. The recent discussion and consultation papers have had me nodding in agreement one minute and shaking my head in despair the next.
I have a similar reaction when I think about the Financial Services Authority being disbanded in 2012.
I’ve worked in the network arena for more than 20 years so have had a number of visits from the FSA. The teams I have dealt with have been consistent, willing to debate and, if they have misunderstood, correct their response.
How easy is this going to be given current proposals which could lead to firms negotiating with two supervisory departments in the Bank of England, a Consumer Protection body, a markets agency and a financial education body?
The MMR says the regulator will be interested in the consumer journey from when the consumer was a lead, the advice given, through to an actual sale and dealings after the sale.
How you document and manage all this information is going to be crucial for the protection of your business. The more management information you have at your fingertips the better. If you’re on the lookout for IT to support this, check the management information reports generated cover the journey your clients have taken.
Even better – if you can define the reports yourself at the touch of a button, you can deliver the goods and protect the clients and business you have worked so hard to build.