The firm provides voice and call-recording services to a range of industries but has seen its mortgage business rise to 25 per cent of turnover.
The Mortgage Conduct Of Business (MCOB) rules state that financial records need to be readily accessible and easy to retrieve within two business days (MCOB regulation 2.8) including telephone conversations.
The rules also state that a script needs to be followed during a non-advice financial telephone call and that a permanent copy of the script must be kept.
Cameron Ross, director of sales and marketing at Veritape Ltd, said: “A recording could be used for regulatory purposes. We are targeting anything from small broker firms to large packaging systems. Our software enables brokers to license our product rather than having to buy it as you would with hardware.”
Ben Thompson, sales and marketing director at Clear Cut Mortgages, said: “We have recorded our telephone conversations from setting up the business. We regard it as a great training and compliance tool which provides protection for the customer and the intermediary and is a very useful service provided it is cost-effective.”
Veritape charge a set up fee of £50 per telephone extension with a monthly fee of £20 per extension.
Mark Evans, executive director mortgage services of the Lighthouse Group plc, said: “As a network we have tended to leave monitoring up to our individual members but as regulation comes into play it is a road we may be forced down.”
