Product matching automatically matches products to the customers’ requirements and product cascade automatically suggests other possibilities.
Matt Grayson, public relations manager at BM Solutions, said: “On GMAC’s system brokers only have three chances to choose an appropriate product.
The failure to offer cascade functionality is a possible breach of the spirit of MCOB.”
Jeff Knight, head of marketing services at GMAC, said: “Broker feedback on the product selection menu has been very positive. To suggest that our system doesn’t comply with any rules is just ludicrous.”
Grayson also criticised Smart Move’s new credit checking, 15-second online decisioning system. It allows brokers to submit a client’s details and produces a credit score showing relevant products.
Grayson said: “This system is about 18 months behind and five years behind in internet years. If you still need to send a paper application it is not an online system.”
Paul Griffin, managing director of Smart Move, responded: “The difference with our system is it can detect suitable products across any panel of lenders.”
BM Solutions was forced to admit that its brochure website was down at the end of last month, but said brokers could still submit business online.
