The scale of the new data that will be required to produce accurate and comprehensive KFI’s has led Moneyfacts to completely rebuild its mortgage databases over the last twelve months. This extensive work has been guided by the results of extensive research conducted with all lenders in the UK, starting last October.
This research has focused on the additional information required to produce fully compliant KFIs and has addressed specific areas such as key dates for calculations, overpayments, portability, insurances and special mortgage products. The approach taken has ensured that results can be acted upon while research continues. More than 100 lenders have so far provided input, with only 17 yet to respond.
“Adding a few extra fields was never going to be enough to store all this new data” says Alan Hough, Moneyfacts IT Director. “The research and development we are undertaking is proving vital to our preparations and our confidence that we will be ready in time”.
But the physical production of a Key Facts Illustration is only part of the story.
“The increased obligations imposed by FSA Regulation and KFI’s make it more important than ever for the industry to be sure the data it is using is 100% accurate. Accuracy is our fundamental priority, as indeed it always has been”, continued Hough.
Moneyfacts reputation for the accuracy of its data is already recognised throughout the industry. Every leading bank, building society and mortgage lender as well as most of the national press and tens of thousands of financial advisers rely on Moneyfacts data every day. As well as its own websites, online systems and publications, Moneyfacts mortgage data also powers systems used by Which?, HSBC, Alliance & Leicester, Abbey and Royal Bank of Scotland.
Over the last few years Moneyfacts has invested over a million pounds in mortgage search engine technology resulting in the most advanced search engine capability available. Because it uses common technology throughout all its systems and those used by its customers, Moneyfacts is able to guarantee consistency of product data across all distribution channels – call centre, branch and web.
“Our products and services will continue to help lenders and intermediaries provide consistently accurate mortgage data to all their customers”, concluded Hough
