Half of all mortgage brokers are failing to recognise the potential of technology as an effective way of keeping records and producing audit trails according to recent research from BM Solutions.
The BM Solutions One Specialist IT Index reveals while brokers recognise technology can deliver benefits to aid compliance, only 49% of brokers cite audit trails and record keeping as a benefit of technology when conducting compliant business.
But, more than two thirds believe the speed technology delivers assists them in the regulated world.
Furthermore, 60% of brokers surveyed believe technology allows them access to more information helping them to conduct compliant business.
The findings come in the wake of the Financial Services Authority (FSA) citing incomplete record keeping as an area for concern, and suggest that while brokers recognise the potential of technology, not all are fully realizing the benefits it can offer in assisting them to meet the regulators requirements on record keeping.
Martin Reynolds, head of sales, BM Solutions, says: "In the two most recent reports into sub-prime and self-certification, the FSA found brokers needed to improve their record keeping methods. Technology is the only sustainable was to achieve this.
"Brokers should look to utilise the full benefits that technology has to offer in helping them to conduct business in a regulated world."
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