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IF&#39s E-loan link to offer proof of best advice

Halifax&#39s new telephone and internet bank Intelligent Finance is planning

to offer mortgage brokers point-of-sale compliance from July.

The company is to useE-loan&#39s mortgage search software following last

week&#39s announcement of a strategic alliance between the two companies. IF

says IFAs will be able to evaluate the market before recommending the best

mortgage.

This would guard against any move by the FSA to regulate point-of-sale

advice, which IF believes is inevitable.

The software also works to generate an audit trail which provides recorded

evidence for the regulator, showing that advisers studied the market before

making a recommendation.

Eight major networks have signed up for the bulk registration of members,

including DBS, M&E, Interdependence and Bankhall, and 16,500 directly

regulated IFAs were mailed in April.

IF head of sales Ian Jeffery says: “If past experience is anything to go

by, then IFAs advising on mortgages will inevitably be regulated. We offer

a transparent value-added service and are trying to force the pace of

advice with the same values.”

IF&#39s partnership with E-loan could open the door to Euro mortgages. IF

says the software has the facility to offer products in euros and the

alliance with international brand E-Loan could suit a global strategy.

Jeffery says: “It is early days but for us it is Europe tomorrow, the next

day the world.”

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