It has claimed systems that allow brokers to find mortgage deals and tailor insurance quotes would help drive best practice.
Richard Angliss, managing director of Homebuyer Systems, said: “Most sourcing systems do not cover the requirements of today’s brokers, who not only require them as a mortgage research tool, but also use them as an insurance research tool and as a system that records how they logically researched the sourcing system to find a certain product.”
He added: “The FSA has given networks and intermediaries until 31 March 2007 to make sure they meet all TCF requirements, however the problem lies in the fact that not all brokers will realise they have acted against TCF. It is a misconception that just because you have never received a complaint you must always be treating your customers fairly.”
But Kim Barret, proprietor at KS Barret and Associates, urged brokers to not focus too much on technology. “Brokers cannot be too reliant on computers. Anyone can press a button, but you need to know why you are pressing it.”
