View more on these topics

Charcol still rejecting mortgage brain kfis

Charcol is refusing to use key fact illustrations from Mortgage Brain over concerns that it is still unable to produce accurate documents.

Senior technical manager Ray Boulger says the independent mortgage broker looked again at Mortgage Brain after initially going direct to lenders for their KFIs. But he says Mortgage Brain is still having problems producing accurate KFIs three months after the mortgage industry was regulated.

Boulger says the legal res-ponsibility that an adviser takes on when he uses a third-party sourcer means it is imperative that they carry correct information. Because of his concerns, Charcol will continue to use KFIs produced by lenders.

Accord Mortgages managing director Linda Will has also had problems with Mortgage Brain. She says products have been set up incorrectly on the system and sourcing parameters were inaccurate so that many Accord products were being “deselected”.

Both Mortgage Brain and Trigold say significant imp-rovements have been made since M-Day, especially as more lenders have become willing to impart information and KFIs to them.

Sourcing operation Money-facts has taken the route of not sourcing KFIs and instead provides links to lenders’ websites. Sales and IT director Alan Hough says: “There was a risk of misleading the broker.”

Boulger says: “I do not think anybody has got this right. The complexities of products and KFIs are daunting.”

Mortgage Brain chief executive Mark Lofthouse says: “It is a combined effort of lending, sourcing and introducing. If we on the slim-chance produce an inaccurate KFI, a broker’s compliance process should pick this up.”

Recommended

Pi fears on rule confusion

IFAs could be hit by negligence claims due to the compliance and risk management obligations of depolarisation, warns PI broker PYV.

Infinity Mortgages enhances specialist lending products

Infinity Mortgages enhances its range to include a number of discounts to its specialist lending products.Changes include one-year discounts from 4.85 per cent, two-year fixed and three-year stepped discounts with no overhanging redemption penalties, three-year stepped discounts from 5.1 per cent and two-year fixed rates from 6.45 per cent. Their service has been improved by […]

Medical IFA divison for Berry Birch

Berry Birch and Noble is launching a new medical IFA division aimed at advising healthcare professionals in the UK. Headed by Steve Higson, BBN Independent Medical Services will offer advice on all aspects of financial planning to anyone in the medical profession. BBN are recruiting new advisers to staff the service, and hope to have […]

Product matters

Demand for venture capital trusts isstarting to soar.Sales have topped £160m, having more than doubled over the last two months. There are over 30 VCT promoters and managers vying for investors’ money.The gulf between the best and worst-performing VCTs is wide so investors need to be careful. Pennine Aim VCT 5 merits serious consideration. The […]

Budget summary – March 2016

This week’s Budget looked as if it would be a difficult one for the Chancellor, with disappointing economic numbers and the need to avoid ruffling feathers ahead of June’s in/out referendum. Nevertheless, Mr Osborne did spring a few surprises, including some tax reductions. So how does this budget affect you? If you are – or […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment