Evaluate is working closely with a number of major mortgage distribution channels, brokers and IFA firms to ensure consumers are provided with clear, easy to understand information before committing to any decision. Using simple signposting and definitions, the customer is able to select which journey meets their needs, either advised or non-advised, giving them exactly the level of support they require and enabling partners to adhere to TCF principles.
The recent FSA announcement that it will accelerate the full integration of Treating Customers Fairly (TCF) into core supervisory work underlines the importance of firms being fully aware of TCF requirements.
The regulator has emphasised that TCF remains central to its strategy and revealed that from January delivery of TCF will be tested as part of firms’ usual supervision. It also issued a warning shot to intermediaries that they will be heavily fined if they fall short on TCF.
EvaluateConsumer can be white labelled for intermediary partners and allow financially savvy consumers, who prefer to shop online and who are committed to playing some role in sourcing their own financial solutions, access to intermediary exclusive products as well as lender direct products. The system enables partners to choose which channel they want to display.
It enables advisers to cut back on low value activities such as data gathering, learning rates and criteria and re-keying across multiple systems. It generates genuine application leads with all the relevant information already gathered for the broker by the user. This drastically reduces the time in which brokers can close a sale once users have activated the request broker help tool.
It also sorts by cost over the introductory period therefore offering a true comparison site. The system also has a cascade facility that will automatically cascade to the maximum loan and maximum term possible if users ask for something they cannot have.
Evaluate fully incorporates the TCF culture of enabling brokers to do business in a way that will help clients and consumers receive fair, consistent and accurate treatment.
Brokers who are interested in using the software to access this particularly lucrative and currently under-served market are encouraged to contact Evaluate for a free beta trial at www.evaluatetechnologies.com
Julie Speed, National Accounts Director at Evaluate Technologies, said: “TCF should be firmly in the thoughts of intermediary firms of all sizes and strong technological support is available for those not only looking to cover TCF principles but also to make their business more efficient.
“EvaluateConsumer prides itself on providing a full accurate set of results for the consumer to make an informed choice based on their specific circumstances. Before committing to a decision there is also a clearly signposted opportunity to speak to an experienced adviser at any stage of the process.
“Not only does the new system open the door to new income streams but it also maintains the highest levels of TCF principles. We only partner with broker firms that have adequate TCF procedures in place and the installation of a TCF culture is of paramount importance to our range of technological solutions.
“Those ever growing numbers of consumers who are committed to playing some role in sourcing a variety of financial solutions represent a valuable incremental market that brokers have previously been unable to access.”
