Tony Jones, manging director of Pink Home Loans, said: “The figures are changing as the research continues but what we are seeing is an increasing number of DA brokers that have been notified they are going to get an FSA visit contacting us to support them in terms of compliance. “There is a lack of awareness of what needs to done to be complaint.”
Bill Warren, director of The Complete Network, commented: “This 30 per cent sounds about right given that the vast majority of mortgage brokers will be undertaking this type of reporting for the first time, and many will be looking for guidance.
“It will be a challenge for a lot of firms as this is an infrastructure change rather than the firm just doing what they have always done.”
Warren added the FSA had only started to increase its awareness of the reporting requirements to brokers over the past four to five weeks. “The FSA is demanding the reports are submitted electronically, which will make it harder for some firms,” he added.
Peter Hegho, sales director at software solutions firm The Key, believed around a half of DA brokers could not have their reporting compliance in order. “I visted a firm just yesterday which had 70 advisers and it was still doing things entirely paper-based. How will they submit this to the FSA? The same mad rush to get things completed on time will happen as it did for ‘Mortgage Day’.”
