Warren system to check mortgage advice historically
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Bill Warren Compliance is offering a retrospective mortgage sourcing system that allows firms to check that the most appropriate product and lender were recommended on past mortgage business.
The service, delivered in partnership with Home Buyer System, is designed for compliance checking, for example, where a firm needs to defend itself against a complaint or undertake a past business review.
Managing director Bill Warren says: “The service will provide 100 per cent accuracy with historic data. It is based on Def- aqto data, which is what the FSA uses for its comparison tables. This will be of considerable value to firms who have been asked by the FSA to undertake a past business review or just want reassurance that their mortgage business is compliant. The joy of this service is its accuracy and simplicity, saving money and time for firms.”
John Charcol senior technical manager Ray Boulger says: “For smaller firms that do not produce regular best-buy tables, this concept could be a very useful one.
“Its usefulness will depend on the level of detail you can input about clients’ specific needs and whether a list of suitable products is presented rather than a single choice.”
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Readers' comments (13)
anon | 6 Jan 2010 3:17 pm
Another individual trying to make money from potential mis-selling. Ultimately, his idea is flawed from the outset, as mortgages are not recommended solely on rate.
Good Luck - from trying to make misery out of good honest brokers. The bad ones went a long time ago.
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Nick Baxter | 6 Jan 2010 3:17 pm
As someone who often has to look at past advice in expert witness cases such a system will be very useful. Good luck with it Bill.
Nick Baxter (Chartered Marketer DipM DipMan (Open) MCIM MAE FPC CeMAP MAQ CeRGI CeRCC CeARL AdvCeMAP CeRCH CeCM)
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Anonymous | 6 Jan 2010 3:43 pm
I, like most professionals keep a good file with the evidence of selection clear. So like the last anon poster I agree that it is the case of yet another person trying to make money on the back of misery. This concept is seriously flawed.
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Bob Donaldson | 6 Jan 2010 3:54 pm
People seem to think that a computer system is the be all and end all of life. Whilst you can use say moneyfacts or such websites for sourcing, it is human interaction that is important.
Furthermore, as the previous individual stated mortgages are not solely rate driven.
Remember the lenders that came into the market in the 80s (Mortage Corporation Etc) promising to be cheaper at all times and then they caught everyone out being more expensive.
The human intereaction is more important than the computer sourcing and most advisors worth their salt know where to go anyway.
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Peter Turner | 6 Jan 2010 4:16 pm
I always tell my clients to print out the comparison from their sourcing software, write on it why they have chosen the product recommended and keep it on file.
Unless you have lost the file that should be sufficient.
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Anonymous | 6 Jan 2010 4:16 pm
So the Ambulance chasers have now taken on a different stance, this time software. When will this farce end..
Will the last Mortgage Adviser to leave the business please turn the light off. The FSA have got their own way now, the banks control the market place.
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Anonymous | 6 Jan 2010 4:23 pm
Seems a sensible product (Nick Pearson, art "o" level (failed)
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Anonymous | 6 Jan 2010 4:34 pm
The Financial Services Authority (FSA) confirms that any retrospective redefinition of regulatory requirements is out of the question and that the rules and standards enforced will be those in place at the time of the sale and not some retrospective reconstruction. The FSA concludes that with regard to any complaint they will not act with hindsight or invert the burden of proof, which would otherwise apply.
BUT WHAT ABOUT FOS?
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Duncan Jones | 6 Jan 2010 4:49 pm
As much as we do not like having advice challenged with the benefit of hindsight this facility may prove useful and nip a complaint in the bud that might otherwise have been difficult to defend.The likes of Bill Warren only exist because of the compliance regime we face. I actually think he is on our side and rightly earns a living from offering support when we are in the lions den. Provided you havent sold self cert mortgages where seviceability was in question or sub prime to prime borrowers then there shouldn't be too much to worry about
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wayne Millen | 6 Jan 2010 5:09 pm
If I am understanding this correctly, this is to protect the good firms who will have done their jobs properly and completed research using a sourcing system such as mortgage brain and trigold and kept the results after using filters to source the products. Then once the products are there that suit the advisor will have recommended a rate, with a lender for such reasons as free val, low or no arr fee etc. Then why would they want to have this system when they already hold the the research details on file as I do. The only advisors who it would be useful to would be the ones who did not research and generally recommended the scheme paying the highest proc fee. So using this would incriminate them further! I do not know much about the guy who has set this up, although maybe with the lack of easy money from the drying up of mortgages, he as gone the route of were theres blame theres a claim. Depending on what happens post RDR, I may also go into this as I am sure I could find some one who could have been £1 per month better off on another rate and get them loads of compo with a big slice for me! Sod the IFA.
Regards wayne Millen (once came second in a McDonalds colouring competition)
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