The FSA is offering lenders a disk containing all registered individuals on a subscription basis. However, with less than a month to go until ‘Mortgage Day’, lenders are still waiting to receive it.
Jennifer Holloway, head of media relations at the Skipton Building Society, expressed reservations about how up-to-date the information would be.
She said: “We have a sample disk to work with but need the information to get our systems in place so that we can check brokers authorisation quickly and effectively. With time running short we can’t be sure of getting these in place especially with 116 types of permissions to filter through.”
She added: “This may put a huge strain on the FSA website as the disk will quickly become outdated. We have been advised that the website will be the most up-to-date tool.”
Guy Batchelor, sales and marketing director at Platform, said: “We have been chasing the FSA regarding this disk but have yet to hear back. There is a huge amount of data that we need to get into our system. This is pushing us up against the wire and is delaying our application processes.”
Robin Gordon-Walker, spokesman for the FSA, attempted to calm lender fears. “It is the lender’s obligation to check on the regulatory status of intermediaries, the disk is an aid to set up and customise their systems,” he said. “It is due to be sent out in the next week with fully updated information and there will be another version sent out at the end of the month. Our website is instantly revised with the capacity to handle all enquiries.”
Holloway expressed reservations though, saying: “Let’s hope that the website can cope with the pressure of up to 400 lenders searching for verification at once.”
