Home Buyer Systems has launched a monitoring system for senior management to control TCF within their businesses.
The system consists of an automated diary system that prompts intermediaries to deliver the necessary actions for TCF before, during and after mortgage sales, and flags up any areas that have not been carried out. The system also produces letters and reports highlighting risk warnings and any diary items that intermediaries have missed.
Richard Angliss, managing director of Home Buyer Systems, says: “With many broker firms fighting for survival in the current market, it may be tempting to let TCF compliance take a back seat – but this would be very unwise.
“Almost without fail, whenever the FSA proceeds to enforcement it cites breaches of its third principle for business, which states that firms must take reasonable care to organise and control their affairs responsibly and effectively, with adequate risk management systems.
"Despite this, many mortgage firms and networks still have no automated, failsafe systems to deliver adherence to the FSA’s Principles, as the recent fine of £900,000 levied on Thinc Group demonstrates.”IFAonline
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