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IFAs shunning mortgage-sourcing systems

Under half of intermediaries are using mortgage-sourcing systems, according to consultancy Huntswood.

Speaking at a Huntswood Outsourcing round table meeting, Council of Mortgage Lenders director general Michael Coogan expressed concern that more intermediaries were not using sourcing technology.

He said the FSA would pay attention to concentrations of applications after M-Day and could track whether advisers were placing a lot of business with a particular provider. Coogan said an increasingly competitive marketplace will force advisers to improve service standards and ensure that deals go through more quickly and efficiently.

Huntswood&#39s research indicates that intermediaries are not using sourcing systems regularly, with one provider reporting that only 21 per cent of users registered on its system actively using sourcing systems.

Huntswood corporate strategy manager Daniel Yates said: “Only a fraction of people are using sourcing systems, considerably less than 50 per cent. The information available to the consumer from sourcing is far superior and not using the tools puts IFAs at a real disadvantage.”

Coogan said: “With products, the FSA will be able to track the number of interests that go through particular lenders and if they think that there is an unusual concentration in an area they will be able to act where there could be detriment to the customer.”


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