Mortgage brokers still have time to fully implement the FSA's Treating Customers Fairly (TCF) initiatives, despite many missing the initial March deadline, according to Mortgage Stream.
The mortgage broker compliance company says firms that feel they are behind could, in most cases, easily meet the deadline provided they use the right technology.
The FSA’s most recent update suggested just 13% of mortgage firms had met the March deadline for implementing proper management information systems.
However, Mortgage Stream says the 80% of firms the FSA believes will meet the December deadline should ensure they continue to work towards this goal.
Paul Holden, sales director at Mortgage Stream, comments: “I believe the greatest danger for successful TCF implementation is if firms think they’ve left it too late and believe that there is no point starting the process now. This cannot be allowed to happen; it’s simply too important an issue.”
Holden says firms that failed to meet the March deadline can still catch up if they use a case management system with integrated TCF modules.
“The technology to provide advisers with simple and practical support for TCF is ready and waiting and brokers need to act now,” he says.
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