Many brokers dissatisfied with compliance support services

many intermediaries are not satisfied with the compliance support service they receive from their providers, a survey by Pink Home Loans has found.

Pink’s 1,000 Index Survey finds that almost one-fifth of intermediaries think the service they get is poor.

The survey, completed by 1,000 intermediaries that have been registered with Pink at some point, was the seventh to be conducted by the distribution and packaging company.

Some 45% of those who took part purchase compliance support services.

Intermediaries were asked to rate the service they receive on a scale of one to five whereby one was poor and five was excellent.

Only 13% of brokers rate the service they receive as excellent, with 33% opting to rate it at three.

Bill Welsby, director at Bill Welsby Mortgage Shop, says: “I can understand this result as I have experienced poor compliance support from a previous network I was with. The support there was non-existent at a time when brokers needed it to ensure the transition through Mortgage Day was smooth. In the end I was turning business away as I was starting to lose confidence.

“The support I’ve received since joining Pink has been invaluable.”

Of intermediaries that purchase compliance support services, only 7% receive financial promotions reviews as part of their package. Only 15% of providers offer a compliance helpdesk as part of their service, with only 15% offering access to an up-to-date compliance manual.

And just 15% of brokers say they have access to research tools such as a mortgage sourcing system, while 9% say they receive regular support from a business development manager.

Also, 12% say they get compliance set-up and updates from their provider and 15% receive visits from a compliance team to audit existing processes and procedures.

Some 11% say they receive other services not listed in the survey.