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Most advisers not compliant
23 June, 2008
Advisers are ignoring the numerous promotional campaigns, advisory reports and warnings from the Financial Services Authority, according to Mortgage Brain.
A recent survey commissioned by Mortgage Brain revealed that over 57% of intermediaries are ignoring the importance of having adequate systems in place to meet its regulatory requirements by not using back-office or CRM systems to manage their business and compliance needs..
Over 1,000 intermediaries were surveyed as part of Mortgage Brain’s annual market research study into mortgage sourcing, electronic trading and compliance products and services.
Mark Lofthouse, CEO of Mortgage Brain, commented, “There are still mortgage advisers out there who don’t appear to have suitable systems and processes in place to meet regulatory requirements. With the FSA re-doubling its enforcement actions it’s imperative that intermediaries have robust systems and processes in place, which can clearly demonstrate that their customers have been treated fairly and that the entire mortgage sales process is adequately documented. ”